noun (esp. in marine-insurance policy)
a clause stipulating that the insured will be responsible for any loss not in excess of a stated amount, and the insurance company will be liable for full payment of the loss equaling or exceeding the amount up to the insured amount.
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Compare deductible clause.
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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020