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Fidelity Takaful
Fidelity Guarantee Takaful Policy
The Fidelity Guarantee Takaful Policy provides indemnity to the participant against loss directly caused by the Fraud or dishonesty of any employee described in the policy schedule up to the limit specified in the policy.
The risk against which such policy covers are acts of forgery and /or of embezzlement, larceny and/or fraudulent conversion of monies and/or goods of the participant.
Definitions
Q. What is forgery?
Forgery:The crime of creating a false document, altering a document, or writing a false signature for the illegal benefit of the person making the forgery. This includes improperly filling in a blank document, like an automobile purchase contract, over a buyer's signature, with the terms different from those agreed. It does not include such innocent representation as a staff member autographing photos of politicians or movie stars. While similar to forgery, counterfeiting refers to the creation of fake money, stock certificates or bonds which are negotiable for cash.
Q. What is Embezzlement?
Embezzlement: The crime of stealing the funds or property of an employer, company or government or misappropriating money or assets held in trust.
Q. What is larceny?
Larceny: The crime of taking the goods of another person without permission (usually secretly), with the intent of keeping them. It is one form of theft.
Q. What is fraudulent conversion?
Fraudulent conversion: Receiving into possession money or property of another and fraudulently withholding, converting, or applying the same to or for one's own use and benefit, or to use and benefit of any person other than the one to whom the money or property belongs.
Claims Procedures:
The Company should contact the Insurance Department as soon as they are aware of a loss or potential loss. All claims must be filed within four months of discovery of the loss in order to be covered. Failure to report the loss in a timely manner will result in the claim being denied. In the event there is reason to believe the loss is due to employee dishonesty. You will be provided with further instructions as to how to proceed.
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