Block Policy definition

Block Policy means the insurance policy of the Seller which is intended to cover financial loss incurred by the Seller in respect of any Property for which adequate insurance has not been arranged by the relevant Borrower.
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Block Policy. This policy also comes under maritime insurance to protects the cargo owner against damage or loss of cargo in all modes of transport through which his/her cargo is carried i.e. covering all the risks of rail, road, and sea transport.
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Examples of Block Policy in a sentence

  • Disablements before the Closed Block Funding Date generating a premium waiver claim on a Closed Block Policy are a liability of the Closed Block.

  • Disablements before the Closed Block Funding Date generating a death benefit scheduled payout claim on a Canadian Closed Block Policy are a liability of the Canadian Closed Block.

  • A terminated Indy Life Closed Block Policy that would have been a Reinsured Policy had it been in force at the Effective Time, that later reinstates pursuant to and in accordance with its policy provisions, will be reinsured by the Reinsurer and become a Reinsured Policy.

  • Reinsured Policies ceded under this Agreement shall include any Indy Life Closed Block Policy that is reduced, terminated, lapsed or surrendered, and later reinstated pursuant to and in accordance with its policy provisions and will be reinsured by the Reinsurer in accordance with the terms of this Agreement.

  • For the avoidance of doubt, the reinstated Indy Life Closed Block Policies reinsured under this Section 5.4 shall include any Indy Life Closed Block Policy treated as lapsed or otherwise terminated prior to the Effective Time under which the Company subsequently becomes liable as a result of a determination that the policyowner, insured or beneficiary has died prior to the lapse or termination.

  • The increase or decrease for each Indy Life Closed Block Policy will vary based on line of business and will be calculated on a pro rata basis for each relevant month, in accordance with the table below, to reflect the time elapsed between April 30, 2013 (the “Signing Date”) and the date as of which the Net Settlement is prepared.

  • The Agent will handle insurance claims where The Property is insured on The Agent’s Block Policy.

  • For each liability or obligation in respect of an Indy Life Closed Block Policy that remains a Net Retained Liability during the entire month covered in a Net Settlement, the Ceding Commission shall be increased or decreased.