Difference In Conditions Insurance
Definition of "Difference in conditions insurance"
Coverage for a physical structure, machinery, inventory, and merchandise within the structure in the event of earthquakes, flood collapses, and subsidence strikes. Even though coverage is on an all risks basis, important perils are excluded such as fire, vandalism, sprinkler leakage, employee dishonesty, boiler and machinery losses, and mysterious disappearance, since it is assumed that the insured business already has coverage for these perils under a business property insurance policy.
Popular Insurance Terms
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Insurance policy sold by nonadmitted insurer. ...
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Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Exchange of a new policy for one already in force. ...
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Table charting relative costs of a group of cash value life insurance policies derived by using the net cost method of comparing costs (traditional net cost method of comparing costs; net ...
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Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...
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