Cargo Insurance
Shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, dampness, mold, losses due to delay of shipment, and loss of market for the cargo. One Cargo Exposure (Single Risk Cargo Policy) covers a single shipment of goods and/or a single trip. All Cargo Exposure (Open Cargo Policy) covers all shipments of goods and/or all trips generally used by most shippers that require automatic coverage for all of its shipments, subject to 30 days' notice of cancellation.
Popular Insurance Terms
Attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is underwritten, not individual members. ...
Insurance that offers blanket coverage up to a certain dollar amount on all property of the classification covered by the policy. Floater policies, which cover property wherever it happens ...
Same as term Class: group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same ...
Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the ...
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Act of starting a fire; arson. Arson is a covered peril under a property insurance contract, provided that the owner of the property is not responsible for the arson. ...
Cost per unit of insurance. ...
Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...
Type of proportional reinsurance under which the ceding company (primary insurer) cedes a portion of the face amount of the life insurance policy it has underwritten to its reinsurer. The ...
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