Open Form (reporting Form)
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are several different types of reporting forms: Form ML.1 insures businesses with substantial risk exposures on a multiple location basis; Form ML.2 insures businesses with a distilled spirits risk exposure; and Form A insures businesses with relatively small risk exposures, at either a single or multiple locations.
Popular Insurance Terms
Damage through an insured's negligent acts and/or omissions resulting in bodily injury and/or property damage to a third party; damage to an insured's property; or amount an insurance ...
Still with life. This is a life insurance term used to describe the living benefits available under a life insurance policy such as a monthly retirement payment to an insured. ...
Coverage for items of property being delivered to a customer. The means of transportation covered include such common carriers as aircraft, railroads, trucks, express carrier, and other ...
Organization that underwrites insurance policies. There are two principal types of insurance companies: mutual and stock. A mutual company is owned by its policy owners, who elect a board ...
Annuity that can be paid either with a single premium or a series of installments. For example, an annuitant pays a single premium of $100,000 on June 1 of the current year and is scheduled ...
Coverage for automobile or aircraft operators if they are sued for negligently killing or injuring a passenger. The PERSONAL AUTOMOBILE POLICY (PAP) provides MEDICAL PAYMENTS INSURANCE for ...
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...
Mechanism for contractually shifting burdens of a number of pure risks by pooling them. ...
Low-cost life insurance providing coverage only for a limited time, such as one year, five years, or to age 65. Term insurance costs less at younger ages than a comparable amount of CASH ...
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