What does Offset Setoff mean? Read on to discover the definition & meaning of the term Offset Setoff - to help you better understand the language used in insurance policies.
The reduction of the amount owed by one party to a second party by crediting the first party with amounts owed it by the second party. The existence and scope of offset rights may be determined by reinsurance contract language as well as statutory, regulatory, and judicial law.
We hope the you have a better understanding of the meaning of Offset Setoff.