Election

{
  "id": "MLC-T-INS-001263",
  "term": "Election",
  "field": "Insurance and risk management",
  "definition": "A formal choice or decision made by an insured party or policyholder regarding specific options available under an insurance policy or benefit plan. This could involve selecting a deductible level, choosing among different coverage types, or opting for a particular settlement method. Elections often have deadlines and can significantly impact premium costs and coverage scope.",
  "url": "https://mlchart.com/terminology/insurance/election/"
}