What is the Definition of Kidnap/Ransom Insurance?

What is the Definition of Kidnap/Ransom Insurance?

Coverage up to specific limits for the cost of ransom or extortion payments and related expenses. Often bought by international corporations to cover employees. Most policies have large deductibles and may exclude certain geographic areas. Some policies require that the policyholder not reveal the existence of the coverage.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Kidnap/Ransom Insurance?

What is the Definition of Kidnap/Ransom Insurance?


You can find random definition and meaning of insurance terms below:


Meaning of Exclusive Remedy in Insurance Terms

Part of the social contract that forms the basis for workers compensation statutes under which employers are responsible for work-related injury and disease, regardless of whether it was the employee’s fault and in return the injured employee gives up the right to sue when the employer’s negligence causes the harm.


Meaning of Expense Ratio in Insurance Terms

Percentage of each premium dollar that goes to insurers’ expenses including overhead, marketing and commissions.


Meaning of Extended Coverage in Insurance Terms

An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy.


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