Stock Processing Insurance
Definition of "Stock processing insurance"
Coverage in the event that stock sent to others for processing is damaged or destroyed en route or at their premises except those perils specifically excluded. For example, this coverage can be used when processing milk into cheese since the farmer would lose everything if the milk were damaged or destroyed en route or at the processor's premises.
Popular Insurance Terms
Value or property given by an individual directly to a donee (recipient of the gift), for example, when a father gives a life insurance policy with all ownership rights to his son. ...
Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried. ...
Statistic indicating the degree of dispersion in a set of outcomes, computed as the arithmetic mean of the differences between each outcome and the average of all outcomes in the set. ...
Offer and acceptance upon which an agreement is based. For a contract to be legal (and thus enforceable in a court of law), an offer must be made by one party to another party, who accepts ...
Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems ...
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