With regard to defendant's compensation, the subject insurance agreement primarily relies on a claims handling fee to be calculated by applying a multiplier, or "loss conversion factor" (LCF), and makes plaintiff responsible for a $500,000 deductible for each claim. More specifically, article III (C) provides for an LCF of ".203 of paid or incurred losses"; article III (D) defines "Loss Limitation" as "the amount of incurred losses to [be] included in [the] Paid Loss program...
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