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
Type of commercial property policy that provides coverage for a business' indirect losses resulting from damages to the property of the business. Coverage normally contains a coinsurance ...
Act that established mandatory notification by manufacturers of products and the distributors of these products to the Consumer Product Safety Commission in the event they become aware of a ...
Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...
Insurance company that is not a member of a rating bureau or is not under common ownership or management with other companies. The insurance company is said to stand alone. ...
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, ...
Financial instrument established irrevocably for a minimum of 10 years, after which the principal reverts to the grantor upon termination of the trust. A key feature is that earnings from ...
Representation of ownership rights such as stocks. ...
Insurance salesperson who markets and services policies in one or more states and holds a supervisory position. ...
Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC incurs as the result of paying employee ...
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