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  • Angeles Auto Insurance Los
  • SPRINKLER INSURANCE Coverage for property damage caused by untimely discharge from an automatic sprinkler system. SURCHARGE An extra charge applied by the insurer.
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  • For automobile insurance a surcharge is usually for accidents or moving violations. Angeles Auto Insurance Los. SURRENDER To terminate or cancel a life insurance policy before the maturity date.
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  • In the case of a cash value policy the policyholder may exercise one of the nonforfeiture options at the time of surrender. TEAM AND VEHICLE INSURANCE Includes insurance against loss through damage or legal liability for damage to property caused by the use of teams or vehicles other than ships boats or railroad rolling stock whether by accident or collision or by explosion of engine tank boiler pipe or tire of the vehicle and insurance against the theft of the whole or part of such vehicle (California Insurance Code 115). Affordable Auto Insurance. TITLE INSURANCE Coverage for losses if a land title is not free and clear of defects that were unknown when the title insurance was written.
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  • UNDERWRITING The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks. Auto Discount Insurance. UNINSURED MOTORIST BODILY INJURY Will pay you and your passengers for BODILY INJURY cause by a negligent uninsured motorist a hitandrun driver or by a driver whose insurer is insolvent.
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  • UNINSURED MOTORIST PROPERTY DAMAGE Will pay for damages to your automobile set up to a limit when caused by a negligent unisured motorist. Angeles Auto Insurance Los. WAITING PERIOD A period of time set forth in a policy which must pass before some or all coverages begin.
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  • WORKERS COMPENSATION INSURANCE Coverage providing four types of benefits (medical care death disability and rehabilitation) for employee jobrelated injuries or diseases as a matter of right (without regard to fault). Insurance Terms Used in the Area of Sureties and Bonds Arrestee A person in custody whose release may be secured by posting bail. Angeles Auto Insurance Los. Bailee A person or concern having possession of property committed in trust from the owner.
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  • Bid Bond A guarantee that the contractor will enter into a contract if it is awarded to him and furnish such contract bond (sometimes called performance bond) as is required by terms thereof. Angeles Auto Insurance Los. Court Bonds All bonds and undertakings required of litigants to enable them to pursue certain remedies of the courts.
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  • Effective Date The date on which an insurance policy or bond goes into effect and from which protection is furnished. Fidelity Bond An obligation of the insurance company against financial loss caused by the dishonest acts of employees. Angeles Auto Insurance Los. Judicial Bond A bond required in civil and criminal court actions.
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  • Named Schedule Bond A fidelity bond providing coverage for persons listed or scheduled on the bond. Obligee Broadly anyone in whose favor an obligation runs. Frequently used in surety bonds this refers to the person firm or corporation protected by the bond. Angeles Auto Insurance Los. Obligor Commonly called principal one bound by an obligation.
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  • Under a bond strictly speaking both the principal and the surety are obligers. Angeles Auto Insurance Los. Power of Attorney Authority given one person or corporation to act for and obligate another to the extent laid down in the instrument creating the power. Auto Discount Insurance. Principal A person or organization whose obligation are guaranteed by a bond. Auto Insurance Ny. Surety An arrangement whereby one party becomes answerable to a third party for the acts of a second party. Angeles Auto Insurance Los. Customarily an insurance company the party in a suretyship arrangement who holds himself responsible to one person for the acts of another.
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