Factory Mutual
Definition of "Factory mutual"
Organization of a group of insurers composed of mutual property and casualty insurance companies, a subsidiary stock insurance company, and a subsidiary safety engineering company. Their objective is to provide insurance and safety engineering services for large manufacturing companies, substantial housing projects, public institutions, and educational institutions. Coverage includes the perils of fire, explosion, windstorm, riot, civil commotion, sprinkler leakage, malicious mischief, damage to vehicles, and damage to aircraft. Field offices staffed by salaried personnel deal directly with insureds; there is no agency field force.
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. ...
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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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