Franchise Deductible
Definition of "Franchise deductible"
Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or percentage amount, the insurance company pays 100% of the claim loss.
Popular Insurance Terms
Date of the initial annuity payment. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
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Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
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Premium income divided by the surplus account. ...
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