Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
fidelity and guaranty insurance
See fidelity insurance under INSURANCE.
fidelity guaranty insurance
See fidelity insurance under INSURANCE.
guaranty insurance
An agreement to cover a loss resulting from another's default, insolvency, or specified misconduct. - Also termed surety insurance. "The term 'guaranty insurance' is generic in its scope and signification, and embraces within it those subsidiary species of insurance contracts known as 'fidelity,' 'commercial,' and 'judicial' insurances . . . . In legal acceptation guaranty insurance is an agreement whereby one party (called the 'insurer') for a valuable consideration (termed the 'premium') agrees to indemnify another (called the 'insured') in a stipulated amount against loss or damage arising through dishonesty, fraud, unfaithful performance of duty or breach of contract on the part of a third person ... sustaining a contractual relationship to the party thus indemnified." Thomas Gold Frost, A Treatise on Guaranty Insurance ยง 1, at 11 (2d ed. 1909).
guaranty insurance.
See INSURANCE.