franchise

noun | \ ˈfran-ˌchīz \ | fran·chise

1. a : a right to conduct a business and especially to be and to exercise the powers of a corporation

   b : group insurance covering fewer than the minimum number of participants required by law for such coverage

2. : a constitutional or statutory right; especially : the right to vote —used with the restricting them in employment, education, the franchise, legal personality, and public accommodation —W. H. Burns : the right to vote —used with the restricting them in employment, education, the franchise, legal personality, and public accommodation —W. H. Burns

3. : a right or license that is granted to an individual or group to market a company's goods or services in a particular territory under the company's trademark, trade name, or service mark and that often involves the use of rules and procedures designed by the company and services (as advertising) and facilities provided by the company in return for fees, royalties, or other compensation; also : a business granted such a right or license ran a fast-food franchise : a business granted such a right or license ran a fast-food franchise

4. a : an amount of liability (as a percentage or sum) specified in an insurance contract below which an insurer disclaims liability and above which the insurer assumes total liability — compare deductible

   b : group insurance covering fewer than the minimum number of participants required by law for such coverage