Mercantile Open-stock Burglary Insurance
Definition of "Mercantile open-stock burglary insurance"
Coverage for damage or destruction of property due to a crime, and property lost due to a burglary, whether successful or attempted. An endorsement provides coverage for robbery and theft of merchandise. Coverage is provided for merchandise, equipment, fixtures, furniture left in the open on the business premises. There is a coinsurance basis of 40 to 80%. This policy has generally been replaced by current commercial crime coverage forms.
Popular Insurance Terms
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...
Increase or decrease in the surrender charge of the life insurance policy or annuity contract depending on the current financial markets. The cash value is adjusted upward if the policy ...
Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
Expectation of death. The probability of its occurrence is shown by a mortality table, which is important in determining the premiums for life insurance policies. ...
Rate of increase in asset value. ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
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