Bancorp Bank is issuing prepaid cards to policyholders of the insurer Ace Ltd. who are affected by natural disasters.

The bank, a subsidiary of the Wilmington, Del., holding company Bancorp Inc., said Tuesday that Ace customers who purchase the insurer's Declared Disaster Protection policy will receive a MasterCard Inc.-branded prepaid debit card for receiving future claim funds.

By having cards issued to its customers, Ace, which is based in Switzerland, can cut down on the time it takes for customers to receive their funds after filing a claim, Bancorp said in a press release. Like other open-loop prepaid cards, the Ace cards can be used for point of sale purchases and automated teller machine transactions.

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