Trading TermsNominated bank Holder in due course Trend Day Common Stock Balanced Mutual Fund Broker-dealer
Open policy (OP)
An open policy is a form of insurance that offers coverage for multiple future shipments, with no set limit. This type of policy remains active until either the insurer or insured party decides to cancel it. In an open policy, each individual shipment is reported to the insurer and automatically covered from the policy's start date. This approach can benefit both the insurer and insured by streamlining the process and saving costs, especially for those with a high volume of similar transactions.
Related terms
Understand the meaning and definition of Nominated bank in the context of stock market, trading, and investments.
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