Floater

Definition - Noun
1  [from the notion that the policy «floats" with the goods it insures, wherever they might be located]
: a policy or supplemental attachment to a policy insuring specific items of personal property (as jewelry or art)
specif
: a policy of insurance to protect against loss or damage of goods in transit or goods (as jewels) naturally subject to use in various places
2  : a debt security that yields an indexed variable rate of interest
esp
: See also floating rate note



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Based on Merriam-Webster's Dictionary of Law ©2001.
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