| Machinery
Breakdown Coverage |
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| This form of insurance provides mechanical breakdown
coverage generally not available under any other insurance
policy. A Boiler and Machinery policy can protect an
insured against the effects of catastrophic property
loss, such as steam boiler explosion or an expensive
breakdown of machinery and equipment. |
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| A type of health insurance designed to cover catastrophic
medical expenses. A major medical policy can be your
only health policy or supplemental to another health
insurance policy with low payout limits. |
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| A property used for the processing or manufacturing
of goods. |
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| An insurance policy specifically designed for an individual
insured (handwritten inference). |
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| Maximum
Possible Loss (MPL) |
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| A formal estimate of the the maximum dollar amount
at risk by the company or companies providing an insurance
policy. |
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| A general liability coverage in which the insurer
reimburses without regard to the insured's liability,
the insured and others (as specifically provided in
the policy) for medical and funeral expenses incurred
by such persons as a result of bodily injury or death
sustained by accident under the conditions specified
in the policy. |
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| A property used in the business of selling merchandise. |
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| An insurance policy which provides more than one coverage
in a single policy. Also known as a Package Policy. |
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| An insurance policy that insures more than one peril
or cause of loss. An All-Risk policy is an example of
a multi-peril policy. This is not the same as a Multi-Line
policy which includes more than one type of coverage. |
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| An insurance carrier or provider which is owned exclusively
by its insureds. A mutual insurance company has no stock.
Any operating profit is paid to their insureds in the
form of a premium rebate. |
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