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
Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Liability limit on a fidelity bond or surety bond. A fixed-penalty bond is one with a fixed liability limit that the surety company will pay in the event of nonperformance. ...
Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
Coverage in which the investment features, mortality element, and cost factors of a life insurance policy are separated, permitting each part to be independently analyzed. The savings ...
Employee individual retirement account funded by an employer or a self-employed person. (Also known as SEP-IRA.) Differs from a pension plan in that contributions are immediately vested and ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
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