RMI 3504 Lecture Notes - Lecture 5: Financial Institution, Data Security, Extortion

• School: Temple University
• Department: Risk Management and Insurance
• Course: RMI 3504
• Professor: Wilkins

Document Summary

Discovery form: covers theft found during the policy even if the crime occurred before (during the look back period) Loss sustained form: covers losses actually sustained during policy period and discovered no more than one year after the policy has ended. On the payroll- within last 30 days. Must be under the control and direction of the insured. Includes temporary ees: covers direct loss of money, securities, or other property. Money= cash or cash equivalents: that results from theft or forgery, covers an ee acting alone or in collusion w/ another person (or ee, ee theft conditions. No coverage for loss caused by an ee after the insured: Becomes aware of fraudulent or dishonest act during employment. Becomes aware of significant fraudulent/dishonest act committed prior to employment. Or if prior coverage for that individual has been cancelled: exclusions applicable only to ee theft. Trading- trading of commodities is not considered theft.