Theft, Disappearance, And Destruction Policy (FORM C)
Definition of "Theft, disappearance, and destruction policy (FORM C)"
Combination policy plan of fidelity insurance and crime insurance under five standard agreements:
- Insuring Agreement dishonesty of employees on either a COMMERCIAL BLANKET BOND or BLANKET POSITION BOND basis.
- Insuring Agreement coverage inside an insured's premises or a bank premises if money and securities are lost due to dishonesty, disappearance, or destruction.
- Insuring Agreement coverage of money and securities being transported by an insured's messenger outside an insured's premises if they are lost due to dishonesty, disappearance, or destruction.
- Insuring Agreement IV coverage if an insured accepts counterfeit U.S. or Canadian paper currency or money orders of no value.
- Insuring Agreement V coverage for depositor forgery if an insured's own commercial paper is forged or altered. Additional coverage's can be added through endorsement, including check forgery, paymaster robbery, broad form payroll robbery coverage both inside and outside an insured's premises, broad form payroll robbery coverage inside premises only, burglary and theft of merchandise, forgery of warehouse receipts, wrongful obstruction of securities or losses from safe deposit boxes, burglary of office equipment, theft of office equipment, paymaster robbery inside premises only, and forgery in use of credit cards.
Popular Insurance Terms
Same as term: Beneficiary; Beneficiary Clause: ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Policy that pays a specified sum not related in any way to the extent of the loss. The term applies to a life insurance policy rather than to a contract of indemnity because the former does ...
Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...
Specific date determined by the Internal Revenue Service on which a beneficiary has received a death benefit from an insurance company, an annuitant has received an income benefit, or a ...
Dwelling insurance is how it’s called the most obvious coverage type under the homeowner’s insurance umbrella. It deals with the damages done to the physical structure of the ...
Provision in some disability income policies that provides a monthly income benefit to a disabled insured for as long as he or she remains disabled according to the definition of disability ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Loss caused by two or more perils. A certain amount of controversy exists when one of the perils is insured and the other peril is excluded from coverage. Some courts are beginning to find ...
Have a question or comment?
We're here to help.