A single limit package policy covering bodily injury and property damage liability claims in the operation of the storekeeper’s business. It includes limited coverage on contractual and products liability.
Insurance Encyclopedia
Storm
A violent disturbance of the atmosphere (weather condition) of strong winds a wind of 64–72 mph (29–32 m/sec). , rain, hail, thunder, lightning, blowing sand, snow etc. When on sea very high waves (29-41 ft) with overhanging crests, sea white with densely blown foam, heavy rolling, lowered visibility. On land though seldom experienced, whenever occurred results into trees broken or uprooted, “considerable structural damage” Also refer violent storm.
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UK: The Shorter Oxford Dictionary states: ‘A violent disturbance of the atmosphere, manifested by high winds, often accompanied by heavy falls of rain, hail or snow, by thunder and lightning and (at sea) by turbulence of the waves. Hence sometimes applied to a heavy fall of rain, hail, or snow, or to a violent outbreak of thunder and lightning, unaccompanied by strong wind’.
Storm surge
Water that is pushed toward the shore due to the force of winds swirling around a storm advancing across a body of water. This advancing surge combines with the normal tides to generate the hurricane storm tide, which can lead to severe flooding in coastal areas. Numerous coverage disputes over the applicability of flood exclusions to storm surge losses caused by major hurricanes, such as Katrina (often called “wind versus water” cases), have arisen because this term is not often listed as an excluded peril in property insurance forms. Most courts, however, have ruled against coverage for these losses under standard property insurance policies, stating that “storm surge” is little more than a synonym for a “tidal wave” or “wind-driven flood,” both of which are excluded under most property forms. In summary, the courts have generally ruled that only flood insurance policies cover these losses.
Stowage
The lacing of cargo in a vessel in such a manner as to provide the utmost safety and efficiency for the ship and the goods it carries.
Stowaway
A stowaway is one who hides in a ship to obtain free passage.
Straight bankruptcy
See: straight petition in bankruptcy .
Straight life annuity
Type of annuity policy that makes periodic payments to the annuitant as long as the annuitant is alive but no benefits after death.
Straight life income option
Life insurance policy settlement where payments to the beneficiary continue until the beneficiary’s death.
Straight life insurance
See: continuous-premium whole life insurance .
Straight life policy (Life Insurance)
Also called a continuous premium whole life policy. This policy extends the premiums over the duration of the insured’s life, up to 100 years.