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
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Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
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