Property and Casualty Chapter 11

Unfortunately the biggest risk that an employer has regarding Crime insurance is his/her own ___.

Employees

As an employer you can protect yourself against employee theft by purchasing _____.

Fidelity Bonds

In a Fidelity Bond it is the employee that owes the obligation to the employee, so the employee is the _____. The employer is owed the obligation, so the employer is the _____. The insurance company agrees to pay, so it is the _____.

Principal, Obligee, Surety or Guarantor.

Coverage on a bonded employee automatically terminates as soon as the employer becomes aware of a _____ act of that employee that could be the basis of a claim. No second chances!

Dishonest

A Fidelity Bond that covers multiple employees that are listed by job title and may have different amounts of coverage for different positions is called a ____.

Position Schedule Bond

The taking of property by violence or threat of violence from a person is called _____.

Robbery

The taking of property from a premises that is closed and locked tight and leaving marks of forced entry or exit is called _____.

Burglary

In Crime insurance, what you know as kidnapping is called _____.

Extortion

Any person who is authorized to have possession of insured property on the premises, but who is not a janitor or watch person, is called a _____.

Custodian

A Messenger is any person authorized to have custody of insured property ______.

Away from the premises.

Any person the Insured retains to protect insured property on the premises who has no other duties is called a _____.

Watch person

Crime coverage Form A Employee Dishonesty are actually _____ on the employees.

Fidelity Bonds

Crime coverage Form C Theft, Disappearance and Destruction is essentially All Risk coverage for ____ and ____ both on and off premises.

Cash and Securities

Crime coverage Form D Robbery and Safe Burglary covers property other than _____, such as precious metal, precious stones, furs, manuscripts or drawings.

Cash