Equipment Dealers Insurance
Definition of "Equipment dealers insurance"
Coverage on all risks basis for such items as binders, reapers, harvesters, plows, tractors, pneumatic tools and compressors, bulldozers, and road scrapers. Excluded from coverage are wear and tear, loss due to delay, loss of market, consequential loss such as loss of income because of damage to the equipment, and mechanical breakdown. Property excluded includes aircraft, water craft, motor vehicles, and property sold on an installment contract basis after it has left the care, custody, and control of the insured dealer.
Popular Insurance Terms
All sources of cash flow, usually stated on an annual basis. ...
Amount of insurance that the insured must carry in order to be indemnified for the total dollar amount of the actual loss. If this requirement is met by the insured, the coinsurance penalty ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
Coverage for equipment normally carried from location to location by a physician or surgeon; written on an all risks basis to include supplies and scientific books used in medical practice. ...
Person who receives an income benefit from an annuity for life or for a specified period. ...
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
Determination that policies entered into on or after June 21,1988, that fail the 7-pay test (aggregate premiums paid at any time during the first 7 years of the contract exceed the annual ...
In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the ...
Payment to a beneficiary that does not vary; for example, a fixed monthly retirement income benefit of $800 paid to a retired employee. ...
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