A form of credit enhancement insurance that guarantees the timely payment of principal and interest on commercial paper issued by corporations.
Tag: RAW
Commercial plan
Benefit package that an insurance company or managed care plan offers to employers as compared with a senior plan offered to Medicare beneficiaries.
Commercial property floater
A way to insure a business that does not operate from one fixed location; for example, a food vendor that changes location or sells at different events.
Commercial property policy
An alternative title for the Building and Personal Property Coverage Form.
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US: An insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage (PD). Commercial property policies may be written on standard or nonstandard forms.
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Insurance that covers risks associated with operating a business; for example fire, burglary, or theft.
Commercial Risk
Risk carried by the exporter (unless insurance is secured) that the foreign buyer may not be able to pay for goods delivered on an open account basis.
Commercial vehicle insurance
A general term referring to the insurance of goodscarrying vehicles, buses and coaches, agricultural and forestry vehicles, mobile plant and other special types.
Commercial Vehicle Insurance – Reinsurance
Commercial vehicle Insurance depends on the type of such private type hire cars, coaches and omnibuses, goods- carrying vehicles, agriculture and forestry vehicle. Under commercial vehicle Insurance policies indemnity for legal liability to passengers is also included as required to be covered by the Motor Vehicles Act. It can be covered only by paying an additional premium over and above basic premium.
Commercial Vehicles for Motor
The categorization of Motor Commercial Vehicles is done by IRDA vide circular dated 29th March 2012 for the purpose of Motor Insurance Rating in Indian Market as follows:
Commercial workers’ compensation program
Industrial insurance plan in which the employer purchases the policy that provides benefits to injured employees.
Commingling
An illegal practice which occurs when an agent mixes personal funds with the insured’s or insurer’s funds.