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
Written agreement that puts insurance coverage into effect. ...
Method of rating that compares property to be insured to a standard and adjusts the rate for deviations from the standard. A standard building is situated in a standard city of specific ...
Analysis of uncertainty of financial loss. This classification can be according to whether a risk is fundamental, particular, pure, speculative, dynamic, or static. In life insurance the ...
End of a defined time period that dividends become payable to the policyholder. ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Condition in which the occupancy or the purposes for which the premises are being used as described in the insurance policy change so as to result in an increased risk. The policy is void ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
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