Encyclopedia
Franchise
<12> A condition in an insurance policy exempting insurers from compensating losses if they do not exceed a specified amount. The two terms used in the English text: "franchise" and "excess (deductible)" are synonyms
Source: "Unified Rules and Customs for Documentary Credits" (Publication of the International Chamber of Commerce No. 400) (1983 edition, came into force on October 1, 1984) (Appendix No. 11 to Instruction No. 1 of the Foreign Trade Bank of the USSR dated December 25, 1985)