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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Addition to the pure cost of insurance that reflects agent commissions, premium taxes, administrative costs associated with putting business on an insurance company's books, and ...
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Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...
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