Business Crime Insurance
Definition of "Business crime insurance"
Protection for the assets of a business (including merchandise for sale, real property, money and securities) in the event of robbery, burglary, larceny, forgery, and embezzlement. Coverage is provided in package policies such as special multi peril insurance (SMP) policy Section III, largely replaced by the commercial package policy, and the business-owners policy (BOP) Section III.
Popular Insurance Terms
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Payments made to the insured by the insurance company before the settlement date. For example, a claim is scheduled to be settled on June 1, 2000, but the insurance company pays the ...
Type of guaranteed insurance contract in which the term is fixed, the rate is fixed, and the contract owner does not participate in the insurance company's earnings. ...
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Measure of the sensitivity of the insurance company's liability for resultant higher mortality rates than charged for in the premium. ...
Relationship of gains from investments (including realized capital gains) resulting from insurance operations to earned premiums. ...
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