An INSURANCE contract where the INSURER provides the INSURED with complete coverage of a RISK exposure in exchange for a larger PREMIUM. It can be considered a contract of maximum RISK TRANSFER , and is characterized by a small (or no) DEDUCTIBLE, large POLICY CAP, limited (or no) COINSURANCE , and limited (or no) EXCLUSIONS. Such a policy is most suitable for extremely risk averse companies or individuals. See also PARTIAL INSURANCE .
Black’s Law Online Dictionary
