Posted on July 20, 2013July 20, 2013
A payment made by the Insurer in respect of a claim for which he is not legally liable. Done as a sign of goodwill or to accommodate a valued Insured.
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(1) Term used interchangeably with the word “coverage” to denote the insurance provided under the terms of a policy. (2) Term used to indicate the existence of fire-fighting facilities in an area known as a “protected” area.