full reporting clause
- A stipulation found within an insurance policy, asserting that the repayment after a loss will never go beyond the ratio of the last reported value of the insured property as compared to its real value
- The insured must understand the full reporting clause in their policy to ensure that they're adequately covered in the event of loss.
- Due to the full reporting clause, the compensation received was limited to the proportion of the reported value of the property.
- A poorly understood full reporting clause could potentially result in lower claims payment.
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