A surety bond is a contract in which a surety (the surety company) guarantees the fulfillment of an obligation on the part of the surety (the person or company that needs the surety).
There are different types of bonds, including performance bonds, down payment bonds, guarantee bonds, and credit bonds.
Natural and legal persons can obtain a bond, as long as they meet the requirements established by the surety company.
To obtain a bond, an application must be submitted to a surety company, providing information about the obligation to be secured, as well as the guarantor. The surety company will assess the risk and establish the conditions and the corresponding premium.
The cost of a bond varies depending on the type of obligation to be guaranteed, as well as the risk represented by the secured party. The premium is set based on a rate, which is usually a percentage of the bail amount.
If the surety defaults on the obligation secured by the bond, the surety company will pay the guaranteed amount to the injured party, and then subrogate the rights of the injured party to recover the amount of the bond.
The duration of a bond depends on the type of obligation to be guaranteed and the conditions established by the surety company. In general, performance bonds usually have a fixed duration, while credit bonds can have an indefinite duration.
An insured sum, also known as a coverage limit or coverage amount, is the maximum amount of money that an insurance policy will pay out for covered losses or damages. It represents the total amount of coverage provided by an insurance policy, and it is typically specified in the policy documents.
A deductible is a specific amount of money that an insurance policyholder must pay out-of-pocket before their insurance coverage kicks in and begins to pay for the covered expenses.
Your share of the costs of a covered health care service. Calculated as a percent of the allowed amount for the service.
It is a medical condition/disease that existed before you obtained a health insurance policy, and it is significant, because the insurance companies do not cover such pre-existing conditions within 48 months prior to the first policy or also it can be an exclusion for the contract.
Yes, when you get a new policy, generally, there will be a 30 days waiting period starting from the policy inception date, during which period any hospitalization charges will not be payable by the insurance companies. However, this is not applicable to any emergency hospitalization occurring due to an accident.
It is important that you consider that pre-existing disease will not be covered by the new insurance company in case that you have claimed any expenses.
If you have dependents or are married, your family can benefit from you having a life insurance policy. Life insurance offers peace of mind by ensuring that your loved ones will be taken care of in the event of your untimely death.
The maximum age for hiring a life insurance policy can vary depending on the insurance company and the type of policy. In general, most insurance companies will offer life insurance policies to individuals up to age 70.
It's important to note that the cost of life insurance generally increases as the insured individual gets older, due to the increased likelihood of health issues and mortality. Additionally, older individuals may be required to undergo a medical examination or provide medical records before being approved for a policy.
Car insurance is a type of insurance policy that provides coverage for damages or losses resulting from accidents, theft, or other incidents involving a vehicle. Car insurance policies typically consist of several different types of coverage, including liability coverage, collision coverage, and comprehensive coverage.
Home insurance, also known as homeowners insurance or property insurance, is a type of insurance policy that provides coverage for damages or losses to a person's home and personal property. Home insurance policies typically cover a variety of risks, including damage caused by natural disasters, theft, vandalism, and liability for injuries that occur on the property.
Liability insurance is a type of insurance policy that provides coverage for damages or injuries caused by the policyholder to others. It is designed to protect the policyholder from financial losses due to legal claims or lawsuits arising from their actions or negligence that results in bodily injury or property damage to a third party.
There are different types of liabilities: professional, family, trip, pet, car, home, etc.
You can take out a policy on your pet when it is from 3 months to 9 years old.
$30,000 mexican pesos.
Veterinary expenses, robbery, funeral expenses, pet liability are what are usually covered with this type of insurance.
Yes, you can have preventive care, vaccinations, etc.