Payment Of Premiums On Bonds

Definition of "Payment of premiums on bonds"

Bobbie Callahan real estate agent

Written by

Bobbie Callahanelite badge icon

Raleigh Custom Realty

Act that seals a contract and is noncancellable. surety bonds and fidelity bonds resemble insurance contracts in many ways. However, the surety, which is often an insurance company, cannot cancel a bond once the premium has been paid.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Same as term Coinsurance: in property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following ...

owner of property has an insurable interest because of the expectation of monetary loss if that property is damaged or destroyed. creditor of an insured has an insurable interest in ...

Tax charged to finance the old age, survivors, disability, and health insurance (OASDHI) plan. Both employer and employee share in the cost, making contributions on an equal basis. The ...

Legislation excluding commercial banks that are members of the Federal Reserve System from most types of investment banking activities. The coauthor of the Act, Senator Carter Glass of ...

Arrangement in which individuals serve as trustees of their own living trust and name another party (successor trustee) to manage the assets if they should become incapacitated. In this ...

Transformation of a stock insurance company into a mutual insurance company, in which the stock company buys up and retires its shares. ...

Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...

Regulation set forth by the national association of insurance commissioners (naic) to govern life insurance sales illustrations. Includes the following major provisions: POLICY OWNER must ...

Extra life insurance benefit found in the family income policy, family income rider, family MAINTENANCE POLICY, and FAMILY POLICY payable to the BENEFICIARY should the insured die within a ...

Popular Insurance Questions