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Obligee

In bond terminology, the obligee is the individual or entity who will be compensated in the event of a loss caused by the obligor's failure. This term is crucial to understanding the risk and liability involved in bond agreements. It is the obligee's financial security that is at stake, making it imperative for them to thoroughly assess the obligor's ability to fulfill their obligations. Essentially, the obligee holds a position of power and trust in the bond agreement, and their protection is of utmost importance.

Bind

An important concept in property and liability insurance is the authority given to agents to accept offers from potential insured individuals without consulting the insurer....

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Extended coverage

This can include coverage for specific events, such as natural disasters or acts of terrorism. In the realm of insurance, there exists a valuable addition to a policy known...

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Key person insurance

In the world of finance, there is a term that holds great significance for businesses - key person insurance. This type of insurance provides financial protection in the eve...

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Rebating

One concept that is frequently deemed unlawful by both legal authorities and regulators is the act of an insurance sales agent offering a portion of their commission to the...

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