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deduction new for old

noun

Definition of deduction new for old

: a subtraction made by a marine underwriter from the total cost of repairs in paying a claim under a hull-insurance policy to allow for the gain in excess of loss to the shipowner resulting from the new material installed during repairing

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Dictionary Entries near deduction new for old

deduct

deductible

deduction

deduction new for old

deductive

deductive method

deductory

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