Term
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Definition
| Forcible entry/exit while trepassing |
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Term
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Definition
Taking of property while threatened bodily harm
- includes the taking of property in the presence of an employee
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Term
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Definition
| The broadest of the crime coverages, theft includes any act of stealing |
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Term
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Definition
The loss of property when the cause of loss is not known.
-This is NOT theft, burglary, or robbery.
Which of the following is not considered a theft loss?
Mysterious disappearance is the loss of property when the cause of loss cannot be determined.
What is the taking of property from the care of a person by threatening bodily harm?
Robbery is a theft using threat of violence.
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Term
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Definition
| The insured, or any of the insured’s emplyoees, while having care and custody of covered property while outside the premises. |
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Term
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Definition
Having care/custody of covered property While INSIDE the prememises.
- Excluded any person while acting as a watchperson/janitor
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Term
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Definition
| Any person the insured retains specifically for the purpose of having care and custody of property inside the premises and who has no other duties. |
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Term
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Definition
Two types on forms:
- Loss-Sustained form
- Discovery form
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Term
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Definition
- losses that both took place and were discovered during the policy period
OR
- that took place within the policy period and were discovered within one year of the termination of the policy period.
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Term
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Definition
Discovered during the policy period, but that did not necessarily occur during the policy period.
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Term
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Definition
Written for 2 types of commercial enterprises:
- Commercial Crime Coverage Forms
- Government Crime Coverage Forms
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Term
| Commercial Crime Coverage Forms |
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Definition
- private businesses
- one limit of insurance for all types of employee theft
- both Loss-Sustained and Discovery
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Term
| Government Crime Coverage Forms |
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Definition
- designed for government entities
- two different employee theft insuring agreements:
- One contains a separate loss limit that applies to each employee theft loss
- the other contains its own loss limit for all losses occurring due to one employee
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Term
Insuring Agreements
Crime coverage forms |
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Definition
Eight types of coverage (not mandatory)
- Employee Theft or Dishonesty
- Forgery/Alteration
- Inside:Theft of money/securities
- Inside:Robbery/safe burglary
- Outside premises
- Computer Fraud
- Fund Transfer Fraud
- Money orders and Counterfeit money
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Term
| Employee Theft or Dishonesty |
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Definition
| covers loss of, or damage to, money, securities, and other property committed by an employee directly from theft |
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Term
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Definition
| insures against the forgery or alteration of checks, drafts, promissory notes |
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Term
| Inside the Premises: Theft of Money and Securities |
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Definition
covers theft, disappearance, or destruction of money and securities inside the insured’s premises
- Included damage to premises/exterior
- locked safe, vault, cash register, cash box, or cash drawer
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Term
| Inside the Premises: Robbery or Safe Burglary |
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Definition
- covers most types of tangible property from loss or damage
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Term
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Definition
Insures money and securities in the hands of a messenger or armored car service
Excluded:
- Motor vehicles, vandalism, deception or trickery
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Term
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Definition
Added endorsement to the Commercial Crime coverage form
- Covers property due to a threat made to the insured to cause bodily harm to others (kidnapping)
- damage to the insured premises or property inside the insured premises
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