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
In property coverage, ratio of the amount of insurance to the value of an insured property. This ratio, multiplied by the amount of the loss, determines the indemnification payment. ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Third-in-line beneficiary to receive benefits from an insurance policy should the primary and secondary beneficiaries not survive. ...
Date of the initial annuity payment. ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Maintenance of Social Security benefits at current dollar or percentage levels. Social Security benefits are indexed to the Consumer Price Index and rise in tandem with the Index. A benefit ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
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