Simplified Commercial Lines Portfolio Policy (SCLP)
Policy that provides coverage through four parts:
- Commercial property coverage is provided under the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (BPPCF), divided into three major categories: owned buildings, owned business personal property, and non owned business personal property.
- Crime coverage is provided under the commercial crime program, which includes the following coverages: forgery; theft, disappearance, and destruction; employee dishonesty; safe robbery and burglary; burglary of the premises; computer fraud; extortion; and liability for the property of guests.
- Boiler and machinery coverage is provided according to four items of classification: electrical, turbine, mechanical, and pressure and refrigeration. Property covered in these four groups is that which is owned by the insured or is under the care, custody, or control of the insured.
- Liability coverage is provided for general liability, products and completed operations liability, medical payments, advertising and personal liability, and fire legal liability. Each of these categories has a separate limit of liability that is applicable. However, an annual AGGREGATE LIMIT of liability is applicable to the total of these categories except for the products and completed operations liability, which has a separate annual aggregate limit.
Popular Insurance Terms
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Insurance company's adjusted surplus divided by its adjusted liabilities. The greater this ratio, the greater the financial strength of the company that can be used for writing new business ...
Legislation establishing the minimum education and experience level required by the state as a prerequisite for a person to become a licensed agent. ...
Events that do not have any influence on the occurrence or nonoccurrence of another event; for example, a plane crashing in Shreveport should have no influence on a plane crashing in Dallas. ...
Same as term Graduated Life Table: mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as ...
Fund that contains the portion of the premium that has been paid in advance for insurance that has not yet been provided. For example, if a business pays an annual premium of $1000 on ...
Table used in calculating minimum non forfeiture values and policy reserves for ordinary life insurance policies. These tables, which give minimum values that must be guaranteed to policy ...
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