In marine insurance, an amount or percentage specified in the policy that must be reached before a claim is payable. Once the amount or percentage is attained, the claim is payable in full.
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Misstatement of Age
(1) Giving the wrong age for oneself on an application for Life and Health Insurance or for a beneficiary who is to receive benefits on a basis involving his life contingency. (2) A provision in most Life and Health policies setting forth the action to be taken if a misstatement of age is discovered after the policy is issued. This is one of the uniform provisions for Individual Health Insurance policies.