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
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Rule that prohibits the introduction into a court of law of any oral or written agreement that contradicts the final written agreement. For example, an insurance contract containing clauses ...
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Retirement center with a focus on group living arrangements for senior citizens. The center has separate apartments for each resident as well as an on-site nursing facility. Generally, ...
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