Set Clause (pair Or Set Clause)
Definition of "Set clause (pair or set clause)"
Provision in many business and personal policies that loss or damage to one of a pair or set of individual items does not represent the loss of the pair or set. For example, the loss of one diamond earring would not entitle an insured to be reimbursed for a pair of earrings, but for only the resulting decrease in the overall pre-loss value of the pair.
Popular Insurance Terms
Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
Determination that group plans offering legal services are limited to an annual tax-free benefit of $70 per employee; group plans may offer employer-provided educational assistance plans on ...
Group of women life insurance agents who sell sufficient insurance to qualify for membership. The round table is sponsored by the NATIONAL ASSOCIATION OF LIFE UNDERWRITERS (NALU). ...
Acceptance by a reinsurer of part or all of a risk that has been transferred to it by a primary insurer or another reinsurer. ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Amount borrowed against the cash value of a life insurance policy to pay the premium due. ...
Same as term Extended Coverage Endorsement: added to an insurance policy or a clause found in an insurance policy that will provide additional coverage for risks to be insured other than ...
Assumption of total disability when an insured loses sight, hearing, speech, or a limb. When such a loss occurs to an insured with disability income insurance, the insurer often assumes ...
Have a question or comment?
We're here to help.