What is meant by average clause explain with suitable example?
Average clauses appear in insurance policies of all types of asset. So, for example, you are insuring your house and you tell the insurer its value, which forms the sum insured under the policy. The premium is based on the declared value and will be lower than what it should be if the true value was given.
What do you understand by the average clause in the policy?
The Average Clause is a policy term that restricts the total payout based on the proportion of the value covered.
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