(1) The arithmetic mean; (2) In marine insurance, loss or damage; or 3) In non-marine property insurance, where average is said to apply and there has been under-insurance, the insured’s claim is reduced in proportion to the under-insurance.
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A medical delivery system that attempts to manage the quality and cost of medical services which individuals receive. Most managed care systems offer PPOs that individuals are encouraged to use for their health care services. Some managed care plans attempt to improve health quality by emphasizing prevention of disease.