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Definition of

general average

Insurance

sharing of insured loss by all policyholders a process by which the cost of lost goods is shared by all parties to an insurance policy, as in cases when some goods have been lost in an attempt to save the rest of the cargo

Definitions of ’general average’ and meaning of ’general average’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’general average’ and other financial terms with our online QFINANCE Financial Dictionary.

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