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单词 new-for-old
释义

new-for-old

/ˌnjuːfəˈ(r)əʊld/
Insurance
adverb
In marine insurance: with regard to deducting that which an insurer is entitled to deduct on account of replacing old material with new when making repairs.
  • The ‘customary deduction’ is up to one-third the cost of repairs, however, in practice, the right to such a deduction is usually waived..
adjective
1In marine insurance: relating to or designating a type of deduction that an insurer is entitled to make on account of replacing old material with new when making repairs.
2Relating to or designating a type of insurance policy which undertakes to meet the cost of replacing the insured article with a new item of similar type, without a deduction for wear and tear.

Origin

Late 18th century. From new + for + old.

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更新时间:2024/11/10 19:17:23