Certain types of light machinery and electrical equipment may be found to be ‘not working’ although there are no outward signs of damage. It is usual in marine insurance to exclude this type of loss.
This entry was posted in . Bookmark the permalink.
Various rights that may be exercised under the policy contract by the policy owner. Some of the incidents of ownership would be: (1) the right to cash in the policy, (2) to receive a loan on the cash value of the policy, and (3) to change the beneficiary.