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Obligee

In bond terminology, the obligee is the individual or entity who will be compensated in the event of a loss caused by the obligor's failure. This term is crucial to understanding the risk and liability involved in bond agreements. It is the obligee's financial security that is at stake, making it imperative for them to thoroughly assess the obligor's ability to fulfill their obligations. Essentially, the obligee holds a position of power and trust in the bond agreement, and their protection is of utmost importance.

Manifestation doctrine

When a claimant's illness or injury is discovered, there is a liability limit in place that offers coverage. This limit is crucial for protecting both the individual and the...

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Joint and several liability

In the realm of law and finance, there exists a principle known as joint and several liability. This doctrine grants the plaintiff the ability to seek full compensation from...

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Burglary and theft insurance

Burglary, robbery, and larceny are common terms in the world of finance, specifically in relation to insurance. These terms refer to the loss of property, whether it be in a...

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Double Indemnity

In the field of finance, there exists the concept of providing a payment that is twice the basic benefit in the event of a loss. This is applicable only under certain circum...

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