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pair-or-set clause n
: a provision in an insurance policy giving the insurer the option in the case of loss of fewer than all items in a set to restore the set to its value before the loss or pay the difference between the value before and after the loss
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.