Split Deductible
Definition of "Split deductible"
Deductible applicable to each loss so that the amount of each loss retained by the insured varies according to the peril that caused the loss. For example, the split deductible in a policy may specify that the insured must retain the first $300 of any fire loss and $100 of any vandalism and malicious mischief loss.
Popular Insurance Terms
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Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
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