Bonds
An insurance bond is a legal contract between a principal (the party purchasing the bond), an obligee (the third party that receives the benefit of the bond), and a surety (the insurance company). Bonds are not insurance policies per se but are legal contracts between the three parties involved, promising restitution to the obligee in the event that the principal defaults on its contractual obligations.
There are two main types of insurance bonds, which each contain subtypes and protect against different situations: surety bonds and fidelity bonds.
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