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
In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the ...
Sum total of an employee's job-related injuries resulting in disabilities over the working career. For example, exposure to radiation over many years on the job would have a compounding ...
Insurance company's investment in mortgages that have defaulted (mortgages in default) divided by its adjusted surplus account. The smaller this ratio, the more financially sound the ...
Futures contracts (legally binding contract that stipulates that delivery of an asset will be taken or delivery of an asset will be made at a future time at an agreed upon price at the ...
Company formed to insure the risks of its parent corporation. Reasons for forming a captive insurance company include: Instances when insurance cannot be purchased from commercial insurance ...
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...
Measurement of income received by households from employment, self-employment, or investment and transfer payments, as provided monthly by the United States Department of Commerce. ...
Same as term Maximum Foreseeable Loss: worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or ...
Types of reinsurance instruments under which the amount of risk transferred is more limited than under traditional risk reinsurance instruments. The limitations on risk transfer take the ...
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