Page 17 - Misc Ebook IC 78

Miscellaneous Insurance

The amount of guaranteed for each employee is
specified against the employee's name in the
schedule.

Any alterations required because of additional
recruitment, appointments, terminations etc can be
made by an endorsement altering the schedule,
without issuance of a fresh policy.

(iii) Floating or Floater Policy - This is an extension
of the 'Collective Policy' where the name and duties
of the individual to be covered are noted in the
schedule, but instead of the individual amounts of
guarantee, a specifies sum of guarantee is 'floated'
(shared) over the whole group.

A claim in respect of any one employee will then
reduce the guarantee by that amount until renewal.
The original sum can also be reinstated by payment
of an extra premium.

A floating policy relieves the employer of the

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