Application of control measures, notice of claim and subrogation etc. are considered before entertaining a claim under fidelity guarantee policy.
Several forms are in use for the various classes of fidelity guarantees. These include employers form, applicants form and private referees form etc.
The main considerations for fidelity guarantee are how far the system of check and control measures are effective and what supervision is exercised over the employee.
The premium under individual and collective policies is charged as a rate percent of the amount guaranteed, subject to a minimum premium.
The bond issued by insurers in favour of the court guaranteeing the proper discharge of duties by the administrator and the proper accounting of the estate of the deceased is known as an administration bond.
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