Restoration Premium
Definition of "Restoration premium"
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim either to the insured business or to a third party on behalf of the insured business.
Popular Insurance Terms
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
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Agents' records showing when clients' policies expire. ...
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