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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The economic value of bond insurance to the governmental unit, agency, or other issuer of the insured bonds or other securities is the result of the savings on interest costs, which reflects the difference between yield payable on an insured bond and yield payable on the same bond if it was uninsured—which is generally higher.
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. [1] In property law, it refers to a covenant by the grantor of a deed. [2] In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. [3]
9/11 was a major insurance loss, but there were disputes over the World Trade Center's insurance policy. Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms.
Financial Security Assurance (FSA) was an American financial guaranty (or monoline) insurance company. FSA was bought in 2000 for EUR€2.7 billion by the Franco-Belgian bank Dexia . [ 1 ] In 2007, before the 2008 financial crisis , FSA was ranked number four among global monoline credit insurers . [ 2 ]
Life insurance is a contract that offers a cash payment to the contract’s beneficiaries if the policyholder dies while the policy is active and the terms of the contract are met.
Trade credit insurance, business credit insurance, export credit insurance, or credit insurance is a type of insurance policy and a risk management product offered by private insurance companies and governmental export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy.