Fortuitous Franchises

- Happening completely by chance
- Franchises are only usually applied in marine or personal accident and illness insurance products. They are used as a means of bringing the insurers into the settlement and as mechanism to reduce the cost to the customer. For losses up to the amount of the franchise, they operate in the same way as an excess. If, however the claim exceeds the amount of the franchise, the insurers have to pay the whole of the claim without deduction of the franchise amount.

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