guarantee policy definition
guarantee policy means any contract whereby a person assumes an obligation (in return for the payment or the promise of payment of a premium or premiums, and otherwise than incidentally to an insurance effected by means of some other class of policy) to discharge the debts or other obligations of any other person in the event of the failure of that person to do so, and includes any statutory form of bond, guarantee or undertaking issued by a person in return for payment;
guarantee policy means a contract in terms of which a person, other than a bank, in return for a premium, undertakes to provide policy benefits if an event, contemplated in the policy as a risk relating to the failure of a person to discharge an obligation, occurs; and includes a reinsurance policy in respect of such a policy;
guarantee policy means a guarantee policy as defined in section 1(1) of the Shortterm Insurance Act;
More Definitions of guarantee policy
guarantee policy means the business whereby an insurer undertakes, in return for a premium, to assume responsibility for payment of the debts of any person or to make good any obligations of that person in the event of the failure of that person to pay his debts or make good his obligations;
guarantee policy means a guarantee policy as defined in section 1(1) of the Short-term Insurance Act;
guarantee policy means a guarantee policy as defined in section 1(1) of the Shortterm Insurance Act; “insurance business” means insurance business referred to in subsection (2);
guarantee policy means the Guarantee Policy and operational guidelines (or equivalent) of GuarantCo.