Open Form (reporting Form)
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are several different types of reporting forms: Form ML.1 insures businesses with substantial risk exposures on a multiple location basis; Form ML.2 insures businesses with a distilled spirits risk exposure; and Form A insures businesses with relatively small risk exposures, at either a single or multiple locations.
Popular Insurance Terms
Practice of a ceding company whereby insurance previously ceded to a re insurer is returned to that ceding company. ...
Insurance policy in force only after the insurance company approves the application. Today, most companies use the insurability conditional premium receipt. ...
Excess funds above the amount required to establish legal reserves for the policies in force. These excess funds are generated as the result of mortality savings, excess interest earned on ...
Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
One that provides group health or pension benefits for a multiemployer plan. To lower the cost, small firms band together to take advantage of the economies of large group underwriting. ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Part of the business risk exclusion in general liability insurance that denies coverage for subsequent claims if a defective product is not recalled by an insured. For example, if a ...
Termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums must be returned. If ...
Let's dive into the world of real estate and investments! Today, we'll learn about the Securities Investor Protection Corporation, or SIPC for short. This is a genuine mouthful, but this ...
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