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British Dictionary definitions for first-loss policy

first-loss policy

noun
  1. an insurance policy for goods in which a total loss is extremely unlikely and the insurer agrees to provide cover for a sum less than the total value of the property
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012