Legal Dictionary
Main Entry:
float·erFunction:
noun 1Etymology: 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);
specifically : 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;
especially : FLOATING RATE NOTE at,
NOTE