Completion Bond
Protection for a mortgagee guaranteeing that the mortgagor will complete construction. The mortgagee (such as a savings and loan association) lends money to the mortgagor (the owner of the project) in order to pay the contractor who is actually physically building the project. Upon completion, the project then serves to secure the loan. Should the project not be completed, the mortgagee is protected through the completion bond.
Popular Insurance Terms
Minimum payments provided under a health insurance policy. ...
Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Number of bits a modem can receive or send per second. ...
Phrase in most liability insurance policies that eliminates from coverage damage or destruction to property under the care, custody, and control of an insured. Such coverage is excluded ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Same as term Cost of Insurance: value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an ...
Change in the nature of an employer or other organization that sponsors a qualified pension plan. A qualified plan must guarantee vested benefits due to participants in the event of a ...
Marine cargo coverage for a single shipment of goods. Also known as special risk insurance and trip cargo insurance. Contrasts with open policy cargo insurance that covers all of a ...
In insurance, fraudulent or unethical practice that is illegal under state law. States may fine or revoke the licenses of agents and brokers for unfair trade practices, including ...
Have a question or comment?
We're here to help.