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
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Third-in-line beneficiary to receive benefits from an insurance policy should the primary and secondary beneficiaries not survive. ...
Coverage that will indemnify the insured for the expenses, up to the limits of the policy, if a building is damaged by a peril such as fire, and zoning requirements and/or building codes ...
Professional designation earned after the successful completion of five national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as accident ...
Legislation that makes insurance fraud a federal crime. This act is part of the Omnibus Crime Bill. Under the act, it is a federal crime to embezzle or misappropriate funds, money, or ...
Insurance company established by a trade group or other association to provide selected types of primary insurance and/or liability insurance for members of the association and access to ...
Call on a prospective insurance buyer without a prior appointment. Many salespeople find this exercise the most threatening in their career development. Some observers attribute the ...
Single policy under which one individual is insured. ...
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity. ...
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