Judicial Bond
Definition of "Judicial bond"
Type of surety bond that is either a fiduciary or a court bond.
- Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under their control.For example, guardians appointed by a court who are authorized to pay expenses of the minor and administrators of estates who take care of a deceased's assets may require fiduciary bond.
- Court Bond guarantees concerning ligation such as: (a) APPEAL BOND, which guarantees that a judgment will be paid if an appeal is lost in a higher court; (b) Plaintiff's Replevin Bond, which guarantees that damages will be paid if the replevin action is wrongfully brought; (c) Removal Bond, which guarantees that damages will be paid if improper removal actions are taken.
Popular Insurance Terms
Coverage in the event that negligent acts and/or omissions by individual (s) and organization (s) result in damage to the environment and a liability suit against these parties. ...
Determination that policies entered into on or after June 21,1988, that fail the 7-pay test (aggregate premiums paid at any time during the first 7 years of the contract exceed the annual ...
Reinstatement of an insurance policy or bond to its original face amount (face of policy) after the payment by the insurer of a loss. The purpose of this type of coverage is to indemnify ...
Payment of premiums and benefits as they come due. In pension plans, known as the "pay as you go basis." The plan depends on new employees coming into the work force so that their ...
Act that prevents employers from rejecting disabled job applicants on the grounds that hiring such an applicant would result in higher employee health care cost. Additionally, if the job ...
Sum of money to be received by an insured in the event a given loss occurs. ...
Hybrid pension plan that provides for the employer to contribute annually a hypothetical percentage, usually 4 to 5%, of the employee's salary to a hypothetical account. This employee's ...
In some life insurance policies, provision that permits the beneficiary, upon the death of the insured, to receive not only the death benefit payable under the policy but also all premiums ...
Right of the policy owner as listed in a policy. An insured has the right to exercise all privileges and receive all benefits of the policy except when restricted by the right of an ...
Have a question or comment?
We're here to help.