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
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Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
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Factor applied in retrospective rating in order to increase the basic premium to cover state premium taxes for liability and workers compensation insurance. For example, if a state premium ...
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actual fire losses divided by the total value of the property exposed to the peril of fire; actual losses resulting from fire divided by the total fire amount of in-force business. ...
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Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
Insurance coverage purchased on the same item from two or more insurance companies. ...
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