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Insurance

Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor, and the third party. The purpose of this bond is to ensure that the third party's obligations are fulfilled. This is especially relevant for contractors working on public projects, as they are often required to obtain a surety bond. In the event that the contractor fails to fulfill their duties, the surety company steps in and is held responsible for either completing the work or compensating for any losses up to the bond's penalty amount.

General average clause

In the world of finance, we often come across terms that may seem confusing or unfamiliar. One such term is the "general average clause" in ocean marine insurance. This clau...

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After Tax Rupees

Discretionary income, as defined by the Income Tax Act, is the remaining income a policy holder has after taxes have been paid for a specific financial year. It is the amoun...

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Floater policy

In the world of finance, we often come across terms that may seem daunting at first glance. One such term is "inland marine insurance policy". This type of insurance pertain...

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Proposer

He is the insured or the policyholder who seeks protection against financial loss in case of an unfortunate event. A proposer, also known as the policyholder, is an individ...

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