What does Application of Retention mean? Read on to discover the definition & meaning of the term Application of Retention - to help you better understand the language used in insurance policies.
Application of Retention
Under an excess liability policy, the practice of specifying a retention amount that applies on a different basis to different types of covered loss. For example, under most excess policies, the retention specified applies "per accident/occurrence" for losses other than occupational disease claims and "per employee" for occupational disease.
We hope the you have a better understanding of the meaning of Application of Retention.