Parcel Post Insurance
Coverage for a shipper (owner/sender) for property damage or loss of goods in transit through the post office. A trip transit insurance policy specifically excludes coverages on property sent through the post office since that agency is not a common carrier and does not incur the liability of a common carrier. This is why additional coverage must be purchased in the form of parcel post insurance, even if a business has a trip transit insurance policy. Parcel post insurance is sold by the post office in the form of a certificate, which covers property in its custody. It is issued on an all risks basis, subject to exclusions of spoilage, and financial instruments such as bills, currency, deeds, notes, and securities.
Popular Insurance Terms
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
Same as term Conditional Sales Floater: coverage for the seller of property on an installment or conditional sales contract if it is damaged or destroyed. For example, a television set is ...
Same as term Comprehensive Insurance: complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and ...
Information generated by the medical information bureau (MIB) and made available to member companies concerning medical information of applicants for life and health insurance. Member ...
Licensed agent's signature on an insurance policy. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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