The relinquishing of the right to any future benefits. In pensions, the non-invested funds left over by former employees. These forfeitures must be put toward future employer contributions.

(i) Falsely making or altering a document. (ii) The fraudulent alteration of any document or the circulation of any forged or fraudulently altered document by the employee, whereby he obtains possession of money or goods of the employer. Section 463 of IPC define Forgery as “Whoever makes any false documents (or false electronic record) or part of a document (or electronic record) with intent to cause damage or injury to the public or to any person or to support any claim or title, or to cause any person to part with property, or to enter into any express or implied contract, or with intent to commit fraud or that fraud may be committed, commits forgery. Making a false document : A person is said to make a false document or false electronic record. First: Who dishonestly or fraudulently (a) makes, signs, seals or executes a document or part of a document; (b) makes or transmits any electronic record or part of any electronic record.(c) affix any digital signature on any electronic record(d) makes any mark denoting the execution of a document or the authenticity of the digital signature With the intention of causing it to be believed that such document or part of document, electronic record or digital signature was made, signed, sealed, executed, transmitted or affixed by or by the authority of a person by whom or by whose authority he knows that it was not made, signed, sealed, executed or affixed or Secondly: Who without lawful authority, dishonestly or fraudulently, by cancellation or otherwise, alters a document or an electronic record in any material part thereof, after it has been made, executed or affixed with digital signature either by himself or by any other person, whether such person be living or dead at the time of such alteration; or Thirdly: Who dishonestly or fraudulently causes any person to sign, seal, execute or alter a document or an electronic record or to affix his digital signature of any electronic record knowing that such person by reason of unsoundness of mind or intoxication cannot, or that by reason of deception practiced upon him, he does not know the contents of the document or electronic record or the nature of the alteration.

Protection against the forgery or alteration of instruments such as cheques, drafts and promissory notes purported to have been written by the insured.

(i) Commercial forgery Policy which is used by firms other than banks (ii) Depositors forgery Policy which is issued to protect the insured and his bank (iii) A peril covered under Fidelity guarantee Insurance.

This type of insurance covers loss sustained through forgery or alteration of outgoing negotiable instruments made or drawn by the insured drawn on the insured’s account(s), or made or drawn by someone acting as the insured’s agent. This includes loss caused by any of the following checks or drafts made or drawn in the insured’s name, payable to a fictitious entity checks or drafts, including payroll checks, executed through forged endorsements and alteration of the amount of a check or draft.

A form of commercial crime insurance that protects against forgery or other modifications made to financial instruments drawn on the insured’s accounts.