A clause in a Knock-for-Knock agreement which applies where one insurer does not cover the damage to his insured’s vehicle or covers it subject to a larger excess. In any such case the insurer concerned agrees to reimburse the other insurer one-half of his payment for damage to the vehicle he insured regardless of the question of legal liability for the accident that caused the damage.
Insurance Encyclopedia
Partial Insurance
Form of Insurance where losses are paid by both the Insurer and the insured.
Partial insurance for Fire Insurance
Not permissible to cover only portions of a building/or only specified machinery (except Boilers). However, where portions of a building and/or machinery are under different ownership it is permissible for each owner to insure separately but to the full extent of his interest.
Partial Interest
An insurable interest in only part of a risk. A partial risk may be insured.
Partial loss
UK: A loss that does not destroy the insured property or damage it beyond economic repair. See PARTICULAR AVERAGE.
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A loss that does not totally devalue or ruin the insured’s property.
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A loss under an Insurance Policy which does not either completely destroy or render worthless the insured property or exhaust the Insurance applied to the property.
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A property loss that is less than a total loss. See Constructive total loss.
Partial payment
Incomplete reimbursement by a third-party payer to the provider or patient for medical services listed on a patient’s insurance claim.
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(01) Any claim for less than the full sum insured. (02) Partial claim settlement paid on account, before a claim is finalized or closed.
Partial plan termination
Process of ending a pension or employee-benefit plan for a group of participants but not for another group. Sometimes this is done so that sponsors can reclaim some of the assets of an overfunded plan.
Partial procedure
Procedure that is a part of a larger surgical procedure and needs a separate code (e.g., partial cystectomy vs. complete cystectomy). See separate procedure to learn the difference between partial and separate procedure. See also complete procedure to learn the difference between partial versus complete.
Partial surrender
See: withdrawal provision.
Partially approved scheme
Pension scheme where part is approved by the IR. This might arise where some members are employed overseas and not therefore paying UK taxes.