Posted on July 20, 2013July 20, 2013
The person (or persons) whose risk of financial loss from an Insured peril is protected by the policy. Sometimes called the “policyholder”.
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(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.