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12 Cards in this Set

  • Front
  • Back

What are the 5 insuring agreements of the 3D policy?

Employee Dishonesty;
Loss inside the premises;
Loss outside the premises;
MO and counterfeit cheques;
Depositors forgery

How is Employee Dishonesty insurance different from other types of insurance?

It is hard to predict losses and losses make take a long time to discover.

What are the differences between Employee Dishonesty Form A and Form B?

Form A - All Employees are insured, automatically extended to new employees; the insured is not required to identify the employee who has caused the loss; settlement is one limit; discovery period is 1 year
Form B - coverage does not have to be on all employees; coverage amounts can be more for employees with increased chances of loss; settlement is per employee; discovery period is 2 years

What are ways to reduce dishonest employee losses post employment stage?

Enforce taking vacation time instead of paying out. Switch job duties occasionally if possible. Surprise audit checks. Cheques 2 signatures.

What does Loss Inside the Premises cover?

Loss to Money and Securities by destruction, disappearance or wrongful disappearance.

What sort of things are covered under the Loss Inside the Premises?

If you are counting receipts and get called away and when you come back someone has stolen your cash! Destruction of money from attempted stealing of safe. Securities shredded by vengeful thieves.

What is not covered by Loss Inside the Premises?

Money inside vending machines, you're SOL, Loss to money which has been transferred out of your account.

What is covered by Loss Outside the Premises?

Money and Securities being conveyed by a messenger. Being conveyed by an armoured car. Within the home of a messenger.

Who is a messenger?

The insured or partner or any employee who is authorized to have care and custody of the insured property outside the premises.

Who might need Depositors Forgery Coverage?

A business who writes a large number of cheques.

What is Forgery?

Altering the writing of another without authority

What are risk management suggestions for preventing forgery?

Use of safety papers for cheques, protecting your blank cheques, control the use of your fax machine and plates.