term:

Pair-Or-Set Clause

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.