WAEC - Insurance (2016 - No. 10)
A blanket policy in fidelity guarantee insurance is to cover
cashiers handling cash
all staff that may handle cash
cash from office to bank
all receivables of the company
Paliwanag
Fidelity Guarantee policy indemnifies against infidelity of an employee which leads to financial loss. It covers for the loss of money, goods and/or stock arising from dishonesty, embezzelment or misappropriation of company's funds &/or property by employees.
A blanket policy is a form of property insurance that covers more than one type of property at one location, or the same type at various locations, or multiple types at multiples locations. It allows the policyholder to extend the coverage of a basic homeowner's policy.