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 Concurrency: in which at least two insurance policies provide identical coverage for the same risk. ...
Person covered under an employee benefit insurance plan. ...
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
Provision of property insurance that establishes the amount for which an insured must be reimbursed for damaged or destroyed property according to the price a willing buyer would pay for ...
Coverage through an endorsement to the personal automobile policy (pap) to extend its protection against accidents within a 25 mile radius of the U.S. border. This coverage is excess over ...
Coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed for each item. If a ...
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Elimination of unnecessary financing costs and the redirection of those sums to activities that are more profitable. The concept is for the company to have a long-term view of its risk ...
Joint profit sharing and money purchase plan that is appropriate for businesses that desire the funding flexibility of the profit sharing plan and the higher tax-deductible (25% vs. 15%) ...
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