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Blanket Bond |
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Blanket Bond A bond or insurance policy covering a company in the event it loses money as the result of employee theft or fraud. It is important to note that blanket bonds generally only cover situations in which an employee commits fraud for personal gain; it does not cover situations in which the employee ? without support or knowledge of management ? falsifies trading so that it makes the company appear healthier that it is. The Federal Bonding Program ? run through the Department of Labor ? insures or guarantees the insurance of ex-offenders whose employment adds significant risk of theft or fraud. See also: Bonding, Operational risk. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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FNB recorded a fraud loss of $250,000 for the quarter ended June 30, 2005, which represents the deductible amount under FNB's blanket bond policy. |
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