General Property Form
Definition of "General property form"
Attachment to a property business insurance policy providing coverage for a business structure and any additions and/or extensions; merchandise and other stock and inventory within the structure (not including animals, pets, watercraft, outdoor trees, shrubs, and plants, outdoor signs, fences, and swimming pools); personal property of the insured while in the insured structure and within 100 feet of die premises; and personal property of a third party under the safekeeping of the insured in the insured structure and within 100 feet of the premises. The General Property Form Provides coverage in three ways:
- Specific an amount of insurance is provided on a specified piece of property.
- Schedule an amount of insurance is provided on several specified pieces of property listed in the policy.
- Blanket an amount of insurance is provided on several different kinds of property, several different locations, or a combination of several different kinds of property at several different locations.
Popular Insurance Terms
Individual who represents a ceding insurance company in placing its business with a re insurer. ...
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems of equations of several unknowns. The ...
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Ruling that is the most significant source for the valuation of closely held corporation capital stock critical to the close corporation plan. This ruling defines the fair market value as ...
Type of mortality table that is based on combined statistics from both the ultimate mortality table and the aggregate mortality table. It shows total statistics for the probability of ...
Circumstance under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses. For example, a hurricane is a hazard that is catastrophic in ...
Standards used to determine claims payments in cases of overlapping property/liability insurance coverage. At one time, each type of insurance had its own rules to govern claims where more ...
Have a question or comment?
We're here to help.