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
Business income coverage form that covers an insured business in the event that a manufacturer's operations are interrupted or suspended, thereby resulting in a monetary loss because a ...
Practice in which no funds are set aside on a mathematical basis to pay for expected losses. This occurs when a risk manager is not aware of an exposure, when the cost of treating an ...
Coverage for all kinds of personal property whether inside or outside an insured's (home) to include jewelry, musical instruments, cameras, fine arts, and precious stones. The insurance ...
Model state law designed to govern use of information collected from insurance applications. The law forbids any insurer or agent from impersonating someone else to gain information about ...
Undiscounted loss reserves that must be maintained by property and casualty insurance companies in an adequate amount to provide for the payment of the settlement value of the outstanding ...
Group of marine underwriters formed in 1971 to provide coverage for shipowners for water pollution liability. The federal water quality improvement act of 1970 made shipowners responsible ...
Arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. ...
Fire that spreads substantial destruction. ...
Assignment of a unit value to each of various medical procedures for the purpose of cost comparisons. ...
Have a question or comment?
We're here to help.