Off Premises
Definition of "Off premises"
Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if it is stolen from an airport. Likewise, an employer is liable for physical injury and property damage caused by an employee or by equipment, even if it does not occur at the place of business. If a truck spills chemicals on the highway or at another business site, or if a salesperson injures a client on a sales call, the employer is responsible. Business liability policies insure against such risks.
Popular Insurance Terms
Modified endowment insurance policy under which the insured receives one-half the death benefit as the maturity value of the policy. ...
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Term in pensions; leaving a job before normal retirement age, subject to minimum requirements of age and years of service. There usually is a reduction in the monthly retirement benefit. ...
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Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
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Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
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