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average

(Midmost), adjective center, centermost, mean, mean proportioned, medial, median, mediate, medium, mid, middle, middle class, middle grade, middlemost, middling
Associated concepts: average annual earnings or wages, avvrage capital, average charges, average daily attendance, average daily balance, average daily wage, average price, average speed, average value, average weekly wage, gennral average, gross average, income averaging, particular average, petty average, simple average

average

(Standard), adjective common, conventional, fair, mediocre, moderate, normal, ordinary, passable, prosaic, stock, typical, unnoteworthy, usual
Associated concepts: average man, average person, average quality
See also: conventional, cross section, customary, general, imperfect, intermediate, marginal, mediocre, mediocrity, mundane, nondescript, norm, normal, ordinary, regular, typical, usual

AVERAGE. A term used in commerce to signify a contribution made by the owners of the ship, freight and goods, on board, in proportion to their respective interests, towards any particular loss or expense sustained for the general safety of the ship and cargo; to the end that the particular loser may not be a greater sufferer than the owner of the ship and the other owners of goods on board. Marsh. Ins. B. 1, c. 12, s. 7; Code de Com. art. 397; 2 Hov. Supp. to Ves. jr. 407; Poth. Aver. art. Prel.
     2. Average is called general or gross average, because it falls generally upon the whole or gross amount of the ship, freight and cargo; and also to distinguish it from what is often though improperly termed particular average, but which in truth means a particular or partial, and not a general loss; or has no affinity to average properly so called. Besides these there are other small charges, called petty or accustomed averages; such as pilotage, towage, light-money, beaconage, anchorage, bridge toll, quarantine, river charges, signals, instructions, castle money, pier money, digging the ship out of the ice, and the like.
     3. A contribution upon general average can only be claimed in cases where, upon as much deliberate on and consultation between the captain and his officers as the occasion will admit of, it appears that the sacrifice at the time it was made, was absolutely and indispensably necessary for the preservation of the ship and cargo. To entitle the owner of the goods to an average contribution, the loss must evidently conduce to the preservation of the ship and the rest of the cargo; and it must appear that the ship and the rest of the cargo were in fact saved. Show. Ca. Parl. 20. See generally Code de Com. tit. 11 and 12; Park, Ins. c. 6; Marsh. Ins. B. 1, c. 12, s. 7 4 Mass. 548; 6 Mass. 125; 8 Mass. 467; 1 Caines' R. 196; 4 Dall. 459; 2 Binn. 547 4 Binn. 513; 2 Serg. & Rawle, 237, in note; 2 Serg. & Rawle, 229 3 Johns. Cas. 178; 1 Caines' R. 43; 2 Caines' R. 263; Id. 274; 8 Johns. R. 237, 2d edit 9 Johns. R. 9; 11 Johns. R 315 1 Caines' R. 573; 7 Johns R. 412; Wesk. Ins. tit. Average; 2 Barn. & Crest. 811 1 Rob. Adlm. Rep. 293; 2 New Rep. 378 18 Ves. 187; Lex. Mer. Armer. ch. 9; Bac Abr. Merchant, F; Vin. Abr. Contribution and' Average; Stev. on Av.; Ben. on Av.

References in periodicals archive ?
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, unchanged from last week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28% this week with an average 0.5 point, up from last week when it averaged 3.24 % .
CME Group equity index volume averaged 3.0 million contracts per day, in line with September 2009, and up 16 percent sequentially.
Distillate fuel oil product supplied during August 2004 averaged 4.0 million barrels per day, 4 percent higher than the previous month's rate and 7 percent higher than the August 2003 rate.
Cull Rams averaged pounds 31.30 and cull whethers averaged pounds 37.06.
Audiences in 1998 and 1999 averaged only 75,000 and 76,000.
Meanwhile, executive detached two-storey homes averaged $120,000, standard two-storey homes averaged $75,000 and senior executive homes averaged $180,000.
Fifteen-year FRM this week averaged 2.86 % with an average 0.6 point, the same as last week.
Cull rams averaged pounds 28.52 and cull whethers averaged pounds 33.50.
The monthly fees for this type of account averaged $7.78 for banks and $6.50 for savings associations.
According to Freddie, 30-year fixed-rate mortgage (FRM) averaged 3.62 % with an average 0.6 point for the week ending August 16, 2012, up from last week when it averaged 3.59 %.
The average asking rent for vacant Class-A office space on Long Island averaged just under $30 a square foot in the final quarter of 2005 and is poised to pierce that magical barrier sometime this year, Sutton & Edwards Inc.