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Meaning of “standard fire policy” in the English Dictionary

"standard fire policy" in Business English

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standard fire policynoun [C]

uk   us   INSURANCE, PROPERTY
the basic ​agreement used in most ​areas of the US in which an ​insurancecompanystates what it will ​pay if a ​property is ​damaged by ​fire: Homeowner's ​insurance typically ​includes the ​standardfirepolicy as a ​base for ​coverage.
(Definition of standard fire policy from the Cambridge Business English Dictionary © Cambridge University Press)
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