Data Processing Insurance
Definition of "Data processing insurance"
Coverage on data processing equipment, data processing media (such as magnetic tapes, disks), and extra expense involved in returning to usual business conditions. The data processing equipment is usually written as all risks on a specifically scheduled basis. The data processing media is usually written on an all risks basis. No coinsurance is required for the data processing media and the extra expense coverage.
Popular Insurance Terms
High severity loss that does not lend itself to accurate prediction and thus should be transferred by the individual or business to an insurance company. ...
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. ...
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Frequency of death. ...
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Hazard covered under catastrophe reinsurance. This form of excess of loss reinsurance protects the ceding company for loss above the retention limit caused by multiple catastrophic events. ...
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