InsuranceLoss exposure checklist Pre-existing condition Non-Standard Life Insurable interest Cash value option General average clause
Pro-rata clause
The prorata clause, a common insurance term, establishes an agreement among insurers to evenly distribute losses based on the proportion of their coverage to the total coverage. This means that if multiple insurers are covering a risk, each will be responsible for a portion of any losses based on their specific coverage. This clause ensures fair distribution of risks and helps protect insurers from bearing the full burden of a loss.
Related terms
Understand the meaning and definition of Loss exposure checklist in the context of stock market, trading, and investments.
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