full reporting clause

Definition of "full reporting clause"
  1. 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
How to use "full reporting clause" in a sentence
  1. The insured must understand the full reporting clause in their policy to ensure that they're adequately covered in the event of loss.
  2. Due to the full reporting clause, the compensation received was limited to the proportion of the reported value of the property.
  3. A poorly understood full reporting clause could potentially result in lower claims payment.

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