MLchartDataset catalogue

Right of offset

Term · Insurance and risk management · MLC-T-INS-003725

A legal principle allowing an insurer to reduce the amount it owes to a policyholder or claimant by any amount the policyholder or claimant owes to the insurer. This right typically applies when there are mutual debts between the parties. For example, an insurer might offset an outstanding premium balance against a claim payment.

Table 1. Record
IdentifierMLC-T-INS-003725
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003725",
  "term": "Right of offset",
  "field": "Insurance and risk management",
  "definition": "A legal principle allowing an insurer to reduce the amount it owes to a policyholder or claimant by any amount the policyholder or claimant owes to the insurer. This right typically applies when there are mutual debts between the parties. For example, an insurer might offset an outstanding premium balance against a claim payment.",
  "url": "https://mlchart.com/terminology/insurance/right-of-offset/"
}

Record 3,031 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.