What is the definition of Abandonment clause? | Dictionary.net

ABANDONMENT CLAUSE

\ɐbˈandənmənt klˈɔːz], \ɐbˈandənmənt klˈɔːz], \ɐ_b_ˈa_n_d_ə_n_m_ə_n_t k_l_ˈɔː_z]\

Definitions of ABANDONMENT CLAUSE

1910 - Black's Law Dictionary (2nd edition)

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The abandonment clause gives insured parties the right to forfeit damaged property in exchange for full payment. Insurance companies take ownership of the damaged asset.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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