Theft, Disappearance, And Destruction Policy (FORM C)
Definition of "Theft, disappearance, and destruction policy (FORM C)"
Combination policy plan of fidelity insurance and crime insurance under five standard agreements:
- Insuring Agreement dishonesty of employees on either a COMMERCIAL BLANKET BOND or BLANKET POSITION BOND basis.
- Insuring Agreement coverage inside an insured's premises or a bank premises if money and securities are lost due to dishonesty, disappearance, or destruction.
- Insuring Agreement coverage of money and securities being transported by an insured's messenger outside an insured's premises if they are lost due to dishonesty, disappearance, or destruction.
- Insuring Agreement IV coverage if an insured accepts counterfeit U.S. or Canadian paper currency or money orders of no value.
- Insuring Agreement V coverage for depositor forgery if an insured's own commercial paper is forged or altered. Additional coverage's can be added through endorsement, including check forgery, paymaster robbery, broad form payroll robbery coverage both inside and outside an insured's premises, broad form payroll robbery coverage inside premises only, burglary and theft of merchandise, forgery of warehouse receipts, wrongful obstruction of securities or losses from safe deposit boxes, burglary of office equipment, theft of office equipment, paymaster robbery inside premises only, and forgery in use of credit cards.
Popular Insurance Terms
In which at least two insurance policies provide identical coverage for the same risk. ...
Arrangement of discretionary income, expenses, and investments in a way that enhances after-tax wealth. Insurance policies can be used to increase after-tax income through the tax-deferral ...
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Life is unpredictable so to compensate this, people have invented insurance. Insurance deals with unforeseen events. Sometimes insurance companies cover only a part of your losses and a few ...
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 ...
Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
Aggregate amount of insurance policies that are paid-up (or are being paid) that a life or health insurance company has on its books. The size of a life or health insurance company is often ...
Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
Have a question or comment?
We're here to help.