What Does Known Loss Rule Mean?
What does Known Loss Rule mean? Read on to discover the definition & meaning of the term Known Loss Rule - to help you better understand the language used in insurance policies.
Known Loss Rule
The principle of insurance practice that states that coverage may not be obtained against a loss that has already occurred and that is known to the person seeking to obtain the coverage.
We hope the you have a better understanding of the meaning of Known Loss Rule.
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