MLchartDataset catalogue

Application of retention

Term · Insurance and risk management · MLC-T-INS-000440

The process by which an insured party pays a predetermined portion of a loss before the insurance policy begins to cover the remaining amount. This retention, similar to a deductible, reduces the insurer's exposure and encourages the insured to manage smaller losses. It is a common feature in many commercial insurance policies, including excess and umbrella coverage.

Table 1. Record
IdentifierMLC-T-INS-000440
FieldInsurance and risk management
SubjectExcess Umbrella
Record as JSON 
{
  "id": "MLC-T-INS-000440",
  "term": "Application of retention",
  "field": "Insurance and risk management",
  "definition": "The process by which an insured party pays a predetermined portion of a loss before the insurance policy begins to cover the remaining amount. This retention, similar to a deductible, reduces the insurer's exposure and encourages the insured to manage smaller losses. It is a common feature in many commercial insurance policies, including excess and umbrella coverage.",
  "subject": "Excess Umbrella",
  "url": "https://mlchart.com/terminology/insurance/application-of-retention/"
}

Record 186 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.