Open Policy
Definition of "Open policy"
Coverage normally used on an indefinite basis under OCEAN MARINE INSURANCE and INLAND MARINE INSURANCE (TRANSPORTATION insurance): business risks for the damage or destruction of a shipper's goods in transit. While the policy is in force, the shipper is required each month to submit to the insurance company reports on goods being shipped to be covered by the policy; premiums are also submitted at that time.
Popular Insurance Terms
Same as term Defined Benefit Plan: retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ...
Life insurance premium that is not currently due. Future payments are made on a frequency basis other than annual. ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Group in which subscribing members agree to (1) regulations governing their behavior, and (2) the qualifications that reinsurance contracts ceded to them must meet in order to be ...
Termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums must be returned. If ...
Combination of coverages from property and liability policies. ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Amount of the increase in the book of business of an insurance company over a specified time interval. ...
Endorsement attached to an insurance policy that eliminates coverage for certain specified perils. ...
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