Ins Exam M - Crime Flashcards
BURGLARY DEFINITION
the theft of prop form inside the premises when the biz is closed/unoccupied
- REQUIRES VISIBLE EVIDENCE OF FORCIBLE ENTRY OR EXIT
- Actual entry is not required
Safe Burglary definition*
The unlawful taking of prop from a locked safe/vault:
- EVIDENCED BY MARKS OF FORCIBLE ENTRY OR REMOVAL of entire safe/vault
ROBBERY DEFINITION
The dishonest stealing of prop from an indiv in possession of the prop
- ROBBERY INVOLVES FACE-TO-FACE CONFRONTRATION BETWEEN ROBBER AND VICTIM
- ROBBERY REQUIRES A THREAT OR FEAR
THEFT DEFINITION
The unlawful taking of prop from another person w/o an owner’s consent
- broad def of theft incls burglary, safe burglary, and robbery (which usually involves use of force), but also incls the taking of prop by stealth
THEFT also incls
- Larceny - occurs when there is access to area where stolen prop was located (shoplifting or dishonest domestic EEs)
- Embezzlemnt - unlawful appropriation of prop or money by someone entrusted w/ prop
- Forgery - Falsification of one’s signature by another to illegally obtain prop or money
MYSTERIOUS DISAPPEARANCE definition
A situation in which an article of prop is known to have disappeared but it is impossible to determine how it occurred
- THEFT MUST BE RULED OUT
CRIME INSURING AGREEMENTS
some of the standard insuring agrmnts incl:
> EE Theft
> Inside the Premises
- theft of money and securities
- Robbery or Safe Burglary of money and securities of custodian
- robbery or burglary of other property
EE THEFT Insuring Agreement
Covers theft of money, securities, and other property by EEs on an EE theft per occurrence basis
> 3 schedules available
- Named schedule - covers indiv listed on dec page
- Position Schedule - covers indiv in positions listed on Decs
- Blanket Covrg - covers loss by any EE
Crime Conditions
- Duties in the event of a loss
- Legal action against us
General Conditions
> Duties in the event of a loss
- insured must notify insurer ASAP, and a SWORN PROOF of LOSS MUST BE PROVIDED W/IN 120 DAYS
> Legal action against us (the insurer)
- no legal action can be taken until 90 days after the insured has filed proof of loss, and action must be brought w/in 2yrs from the date the insured discovered the loss
Crime Conditions
- Records
- Territory
> Records - insured must keep records of all covred proprty
> Territory - covrs only acts committed in the US, its territories and possessions, and Canada
BOND: DEFINITIONS
> a bond is a guarantee that a specific duty will be discharged, a certain performance maintained, or a specific obligation fulfilled
there are 3 parties involved in the bond process, which is different than an ins contract (which involves 2 parties: insured and insurer)
BOND: DEFINITIONS - 3 Parties Involved
1) OBLIGOR (underwritten EE/contractor)
- the principal whose obligation has been guaranteed by the type of bond issued
2) OBLIGEE (insured employer/project owner)
- the party in whose favor the obligation is made and who rcvs the benefit
3) SURETY (insurance Co)
- the bonding Co guaranteed the obligation will be performed by the EE (guarantor)
OBLIGOR - 3 Parties
PRINCIPAL - aka OBLIGOR
- the party who promises to do, or not do, a specific thing
- this is the person or Co that is bonded (ie: EE, contractor)
- Underwritten
OBLIGEE - 3 Parties
INSURED - aka OBLIGEE
- the party to whom the principal makes the promise and for whose protection the bond is being written
- receives the benefit (ie: employer, project owner)
SURETY - 3 Parties
SURETY - aka GUARANTOR
- the party who agrees to be responsible for loss that may result if the pincipal does not keep his promise
- the bonding Co, which is often the Ins Co
