Abduction, or inference to the best explanation, is a method of reasoning in which one chooses the hypothesis that would, if true, best explain the relevant evidence. Abductive reasoning starts from a set of accepted facts and infers most likely, or best, explanations. The term abduction also sometimes only refers to the generation of hypotheses that explain observations or conclusions, but the former definition is more common both in philosophy and computing.
DEFINITION of 'Broad Evidence Rule'. A rule outlining the guidelines insurers must go about determining the value of lost, stolen or damaged property. The broad evidence rule does not specify any one method to value any one piece of property, only that the means which most accurately displays the true cash value of the property will be used.
In the insurance market, the doctrine of utmost good faith requires that the party seeking insurance discloses all relevant personal information and the principle of utmost good faith is one of the key principles in marine insurance law.