Factory Mutual
Definition of "Factory mutual"
Organization of a group of insurers composed of mutual property and casualty insurance companies, a subsidiary stock insurance company, and a subsidiary safety engineering company. Their objective is to provide insurance and safety engineering services for large manufacturing companies, substantial housing projects, public institutions, and educational institutions. Coverage includes the perils of fire, explosion, windstorm, riot, civil commotion, sprinkler leakage, malicious mischief, damage to vehicles, and damage to aircraft. Field offices staffed by salaried personnel deal directly with insureds; there is no agency field force.
Popular Insurance Terms
Illnesses or disability for which the insured was treated or advised within a stipulated time period before making application for a life or health insurance policy. A preexisting condition ...
Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to ...
Contract guaranteeing that a person licensed by a city, county, or state agency will perform activities for which the bond was granted, according to the regulations governing the license. ...
Organization of a group of insurers composed of mutual property and casualty insurance companies, a subsidiary stock insurance company, and a subsidiary safety engineering company. Their ...
Nonparticipating life insurance (also called a guaranteed dividend or guaranteed investment policy) sold by a stock life insurance company, usually as a 20-payment policy with coupons ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
Employee benefit insurance plan whose objective is to provide the retired employee with life insurance. This group life insurance product is composed of two basic parts: annually renewable ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
Portion of a property or liability loss retained by a policyholder. Most policyholders do not purchase insurance to cover their entire exposure. Rather, they elect to take a deductible, or ...
Have a question or comment?
We're here to help.