Nationwide Marine Definition
Statement of the types of exposures classified under marine, inland marine or transportation insurance by placing them in the following categories: imports, exports, domestic shipments (goods in transit), communication vehicles (tunnels, bridges, piers, and power transmission lines), personal property floaters (stamp collections, coin collections, fine arts, paintings, musical instruments, silverware, and furs), commercial property floaters (accounts receivable, valuable papers, valuable records, and physicians' and surgeons' instruments). The definition also makes use of the following differences in condition: electronic data, property in a bailee's custody, and property for sale by a dealer (such as musical instruments, cameras, fine arts, and jewelry).
Popular Insurance Terms
Amendment that modifies the federal flood insurance program by providing relocation and acquisition coverage for structures in imminent danger from an encroaching shoreline. This amendment ...
Wrongful conduct causing false arrest, invasion of privacy, libel, slander, defamation of character, and bodily injury. The injury is against the person in contrast to property damage or ...
Donation of amount "A," made by donor X to a charity. The charity agrees to pay donor X an amount ("B") for the rest of donor X's life. Since the donation is used to fund an annuity, only a ...
Canadian retirement plan much like U.S. individual retirement account (IRA). Here, an employee can contribute on a tax deductible basis C $3500 each year as a member of an employer pension ...
Federal law passed in 1920 that allows any seaman incurring bodily injury as the result of the performance of one or more functions of the job to bring a suit for damages against the ...
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for ...
Amount a sum of money today is worth at a specified future date because of the effect of compound interest. ...
Option under a participating life insurance policy in which dividends are left on deposit with the company to accumulate at a specified interest rate. If this option is chosen, it is ...
Central (main) office of an insurance company whose facilities usually include actuarial, claims, investment, legal, underwriting, agency, and marketing departments. ...
Have a question or comment?
We're here to help.