Expression of the extent of coverage in a lump sum, whereby the entire amount expressed in the policy is available either per person or per accident regardless of whether the claim is for Bodily Injury or Property Damage or both.
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Occurs when the subject matter insured or part thereof is not exposed to risk. For example, a policy is effected to cover a marine shipment of 100 boxes but only 80 boxes are sent. The Insured is entitled to a refund of premium on the 20 boxes that were not exposed to risk.