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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.

Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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Right of survivorship

When one of the owners of a property passes away, the remaining owners automatically assume ownership of the property. This is known as the right of survivorship. It is a co...

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Non-admitted insurer

In certain states or countries, you may come across insurers who hold licenses in some regions but not in others. These insurers are known as non-admitted in the countries w...

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Expiry

Let's talk about the concept of policy termination in finance. As a knowledgeable professor, I want to make sure you understand the importance of this term. Policy terminati...

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