A plan offered to commercial clients who operate from more than one location, with credits offered that are based on the number of locations. Under this kind of plan, the multiple locations are seen as a reduced hazard, as the assets are spread between these locations.

Insurance of property owned or controlled by one person or corporation in a number of different locations.

A plan under which employees can choose between an HMO, PPO, or a major health plan.

(i) In case of multiple policies which provide fixed benefits, on the occurrence of the insured event in accordance with the terms and conditions of the policies, each insurer shall make the claim payments independent of payments received under other similar polices. (ii) . If two or more policies are taken by an insured during a period from one or more insurers to indemnify treatment costs, the policyholder shall have the right to require a settlement of his/her claim in terms of any of his/her policies. (a) In all such cases the insurer who has issued the chosen policy shall be obliged to settle the claim as long as the claim is within the limits of and according to the terms of the chosen policy. (b) Claims under other policy/ies may be made after exhaustion of Sum Insured in the earlier chosen policy/policies (c) If the amount to be claimed exceeds the sum insured under a single policy after considering the deductibles or co-pay, the policyholder shall have the right to choose insurers from whom he/she wants to claim the balance amount. (d). Where an insured has policies from more than one insurer to cover the same risk on indemnity basis, the insured shall only be indemnified the hospitalization costs in accordance with the terms and conditions of the chosen policy.

A mixture of term life and whole life insurance that pays out a multiple of the face value during the term policy’s period, and then turns into a whole life policy after the term is over. The period known as the “multiple protection period” is the time during which both policies are in effect.

(1) A factor applied to pure loss costs to produce a rate of premium. (2) In an action for damages for personal injury a factor applied to annual loss of earnings in calculating damages for death or permanent disablement.

Coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults. Offered by insurance companies with high credit ratings, the coverage raises the credit rating of a municipality offering the bond to that of the insurance company. It allows a municipality to raise money at lower interest rates. A form of financial guarantee insurance. See Financial guarantee insurance.

A group of insurance companies that insure payment of principal and interest on certain bonds.

This Insurance covers the total abandonment of music concerts due to specified perils like Fire, lightning, explosion, earthquake, rain, flood, storm, riot, strike, malicious damage and terrorist act. The Policy covers the actual financial loss to the organizers i.e., the insured. It is a condition under the Policy that the music should not have been played even for a fraction of a minute. That is to say, the total abandonment of music concert is covered. Change in venue or postponement of the music concert does not constitute a claim. It is prescribed that the tickets issued shall contain a stipulation that once a ticket is sold no refund will be allowed.

When goods are shipped under excessive moisture contents it is said to be shipped under musty condition.