Definition of "Jeweler"
Type of inland marine insurance that provides coverage for jewels, watches, gold, silver, platinum, pearls, precious and semiprecious stones. Property can be owned by the insured jeweler, or can be customer's property in care, custody, and control of the jeweler. Coverage is on an all risks basis except specifically excluded perils such as wear and tear; war; delay; loss of market; flood; earthquake; loss or damage while jewelry is being worn by the insured or his or her representatives; loss resulting from the infidelity of any person under the care, custody, and control of the insured; damage or destruction of jewelry after it leaves the insured under an installment contract; mysterious disappearance; and shipments of jewelry not sent registered first class mail.
Popular Insurance Terms
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 ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
Complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and major medical policy. ...
Mechanism used by a fidelity and surety insurance company to spread its liability through reinsurance by issuing a surplus treaty as a first layer of coverage, thereby enabling a cedent to ...
Life insurance contract that combines TERM LIFE INSURANCE with WHOLE LIFE INSURANCE. The term portion of the contract expires after a stipulated time period. If the insured dies during this ...
Business involved in buying and selling securities and mutual funds. ...
Association that represents reinsurance companies as well as insurance companies that do not market marine insurance. LIRMA and the institute of London underwriters share the same facility ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
First step in the risk management process. The objective is to determine the sources of losses. For example, the profit and loss statement of a business firm not only shows the sources of ...
Have a question or comment?
We're here to help.