insurance banker
1banker's acceptance — ( BA) A short term financial instrument that is the unconditional obligation of the accepting bank. Banker s acceptances, or BAs, arise from transactions involving the import, export, transit, or storage of goods, including domestic as well as… …
2Banker's Blanket Bond — A fidelity bond purchased from an insurance broker that protects a bank against losses from a variety of criminal acts carried out by employees. Some states require blanket bond coverage as a condition of operating a bank. Also known as a blanket …
3insurance binder — See binder. American Banker Glossary …
4liability insurance — Insurance that protects a party from various types of claims. Typically liability insurance protects the insured from losses resulting from property damage claims or from bodily injury claims. Construction lenders usually require contractors to… …
5flood insurance — Insurance protection against damage caused by floods. For applicable parcels of real estate, lenders with a security interest in that real estate are required by law to either require that borrowers obtain flood insurance or to obtain flood… …
6forced placed insurance — Insurance purchased by a creditor covering personal or real property owned by debtor. In some cases, forced placed flood insurance is required by law. In other cases, creditors are granted the right to force place insurance by provisions in loan… …
7hazard insurance — Insurance covering losses incurred by an insured as a result of damage, destruction, or loss of property. Mainly, but not entirely, insurance against fire and lightning damage. Insurance other than life or liability insurance. American Banker… …
8builder's risk insurance — Insurance covering perils resulting in loss caused by the builder s operations on the borrower s property. Usually required by property owners and by construction lenders when a contractor is hired to make improvements in an existing building or… …
9Union Labor Life Insurance Company — The Union Labor Life Insurance Company (ULLICO) is a privately held life and health insurance company in the United States. ULLICO was founded in 1925 by the American Federation of Labor (AFL), which wanted to offer working people affordable… …
10Deposit insurance — Experiences from bank runs during the Great Depression led to the introduction of deposit insurance in the US …
