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
Consolidation of a non insurance parent company with its wholly owned subsidiary, thereby creating, allowable under current tax law, a consolidated balance sheet. This consolidation of ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Insurance company that specializes in underwriting casualty insurance. ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
In a liability insurance policy, limit above the minimum amount of coverage for which the policy can be written according to company or legal restrictions. ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
Measure of the sensitivity of the insurance company's liability for resultant higher mortality rates than charged for in the premium. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
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