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What is an insurance bond?

a three-party agreement in which the insurer undertakes to cover losses resulting from criminal conduct (e.g., fidelity bonds) or the failure to fulfill a certain act (e.g., performance or surety bonds). The obligor (the party who pays the bond premium) is also known as the principle (i.e., the party with the obligation to perform). In the event of a default, the surety (i.e., the insurance) compensates the third-party damage (the obligee). After then, the obligor must reimburse the surety for the loss incurred.

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