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FIDELITY BOND |
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A bond that makes good if an employee steals or embezzles or otherwise robs his employer. |
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FIRE |
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While a fire is a fire in ordinary language, by insurance definition there must be accompanying flame to make it so quality. For example, a fire policy is not liable for losses caused by scorches by cigarettes, unless a flame is actually produced at the same time. |
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FIRE INSURANCE & ALLIED PERILS |
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Covers losses from fire and lightning (in total 12 types of risks) and also the resultant damage caused by smoke and water. Usually supplemented by extended coverage. |
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FIRE RESISTIVE |
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Refers to the construction of a building built of steel and concrete or other non-combustible materials. The proper term for “fire-proof". |
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FLOATER |
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A policy that covers property at any location, i.e., the protection “floats around” with the value. |
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FLOOD |
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Overflow of water from its natural boundaries. More specifically defined as “general and temporary condition of partial or complete inundation of normally dry land areas from (1) the overflow of inland or tidal waters or (2) the unusual and rapid accumulation or runoff of surface waters from any source”. |
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FURNITURE AND FIXURES |
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In insurance language, it usually means the contents of a building excepting merchandise for sale or in the course of manufacture (stock) and excepting machinery. Fixtures are the pieces “fixed,” that is, attached to the building. |
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FIDELITY INSURANCE |
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A blanket policy insuring against employee dishonesty, losses inside and outside the premises, money orders and counterfeit currency, and depositor's forgery. Policy covers money, securities, and the other property with a single limit of insurance applying to all coverages, none of which may be eliminated. |
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