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
Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new ...
Coverage on an all risks basis through an endorsement to a business property insurance policy in which each sign is specifically scheduled, subject to the exclusions of wear and tear, and ...
Personal view regarding how losses occur and the validity of loss prevention and reduction; also, whether an individual is a risk taker or a risk avoider. For example, if a driver takes the ...
Coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policy owner in the following manner, without additional policies being issued: ...
Important means of preventing accidents and injuries. Insurers take corporate safety programs into account when rating workers compensation and other business insurance policies. ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
Property or liability coverage that provides benefits (usually after a deductible has been paid by an insured) up to the limits of a policy, regardless of other insurance polices in effect. ...
The open perils policy is the counterpart to the named perils policy. In it, any peril NOT mentioned is covered by the policy. Here's an example: let's say you got an open perils policy ...
Scheme to recapture excess pension assets by splitting a qualified plan in two, and terminating one of them. In the mid-1980s, many pension plans became "overfunded" because their ...
Have a question or comment?
We're here to help.