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Subscribe To » Newsletter  | RSS Feeds Directory LIFE INSURANCE PRODUCTS Cover for Businesses and Professionals Buy Sell Agreements, Deferred Compensaton, Key Person, et al Cover for Individuals Endowment, Pure Endowment, Life Policies, et al Specialist Products Credit Life, People living with HIV From The Glossary » Average Clause: A clause in a policy requiring that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss. The proportion is the amount by which the assets are under insured, expressed as a percentage of its indemnity value, at the time of the loss. In marine insurance it refers to loss. More Definitions »