\fˈʊl ɪnʃˈʊ͡əɹəns], \fˈʊl ɪnʃˈʊəɹəns], \f_ˈʊ_l ɪ_n_ʃ_ˈʊə_ɹ_ə_n_s]\
Definitions of FULL INSURANCE
Sort: Oldest first
An INSURANCE contract where the INSURER provides the INSURED with complete coverage of a RISK exposure in exchange for a larger PREMIUM. It can be considered a contract of maximum RISK TRANSFER, and is characterized by a small (or no) DEDUCTIBLE, large POLICY CAP, limited (or no) COINSURANCE, and limited (or no) EXCLUSIONS. Such a policy is most suitable for extremely risk averse companies or individuals. See also PARTIAL INSURANCE.
By Henry Campbell Black