A "With Average" Policy Contains a ________ That Provides for Payment

question 10

Multiple Choice

A "with average" policy contains a ________ that provides for payment only if the loss exceeds a specified minimum amount.

• A) Himalaya Clause
• B) franchise clause
• C) constructive loss clause
• D) loss payee clause

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Definitions:

Rules Of Thumb

Simple, practical guidelines or principles, often based on experience rather than precise knowledge, used to make decisions or solve problems.

Decision-Making

The cognitive process of selecting a course of action among several alternatives to achieve a desired objective.

Spotlight Question

A probing question designed to uncover deep insights, typically used to focus attention on specific issues during discussions or interviews.

Implied Warranty

A legal guarantee that a product will meet a minimum level of quality and functionality, assumed in a sale even if not expressly stated.