floater

floater
float·er n
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 – called also floating policy;
2: a debt security that yields an indexed variable rate of interest; esp: floating rate note at note

Merriam-Webster’s Dictionary of Law. . 1996.

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