Definition of "Bailee"
Individual who has temporary rightful possession of another's property. The bailee often furnishes a receipt in exchange for the bailor's property. For example, a dry cleaner has temporary custody of a suit to be cleaned and must exercise proper care to safeguard it against physical loss. If the property is damaged, the bailee's insurance policy often becomes the primary coverage and must indemnify the loss.
Popular Insurance Terms
Offer and acceptance upon which an agreement is based. For a contract to be legal (and thus enforceable in a court of law), an offer must be made by one party to another party, who accepts ...
Property damage coverage for mobile agricultural equipment and machinery, including harness, saddles, blankets, and liveries. Perils insured are fire, lightning, vandalism, malicious ...
Value of a foregone opportunity, one rejected in favor of a presumably better opportunity. For example, investment of a sum into a mutual fund instead of a variable annuity with a ...
State-sponsored insurance fund that was intended to guarantee deposits at state-chartered savings institutions. A handful of these funds existed in the early 1980s, but after a string of ...
Payments from an employee's employee benefit insurance plan that can be rolled over to an individual retirement account (IRA) or to another plan maintained by the employer that accepts ...
Regulation named after a former Superintendent of Insurance of New York State, and instituted in the early 1900s. It requires every insurer admitted to New York to comply with the New York ...
Coverage for bodily injury and property damage liability excluded under standard ocean marine insurance. Coverage includes protection of wharfs, docks, and harbors; bodily injury; cost of ...
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
Low-cost life insurance sold by savings banks in the states of Connecticut, Massachusetts, and New York. SBLI is a popular source of life insurance in these states for two reasons: it is ...
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