Common use of APPLICATION OF EXCHANGE RATES Clause in Contracts

APPLICATION OF EXCHANGE RATES. A. On the happening of a Loss under this policy, the insurance benefits due to the Insured shall be calculated in US Dollars at the representative rate of exchange of the dollar in the Bank of Israel prevailing at the date of the actual payment to the Insured or to the third party. The Deductible shall also be calculated at the representative rate of exchange in the bank of Israel at the above date.

APPLICATION OF EXCHANGE RATES. A. On the happening occurrence of a Loss an insured event under this policy, the insurance benefits due to the Insured shall be calculated in US Dollars at the representative rate of exchange of the dollar in the Bank of Israel prevailing at the date of the actual payment to the Insured or to the third party. The Deductible shall also be calculated at the representative rate of exchange in the bank of Israel at the above date.