Notes

Top Guidelines Of HM Vreeland: Surety Bond Services in California


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<h1 style="clear:both" id="content-section-0">Part 28 - Bonds and Insurance - Acquisition.GOV for Dummies<br></h1>
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<p class="p__0">Law 6901(a)( 1 )(A)(Mc, Kinney 2000). Truths: Mr. A is the President of ABC Co., a finance company situated in New york city, which is not an insurer. Mr. An explains a situation where a specific demands a loan from his business. Instead of releasing the loan, ABC Co. directs them to a banks that, in turn, concerns the loan.</p>
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<p class="p__1">would then guarantee the loan under a surety bond, for a fee. Mr. A want to understand whether these activities would make up doing an insurance service, for which licensing would be required. Analysis: Mr. A asked whether ABC Co. would be doing an insurance coverage organization within the meaning of N.Y.</p>
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<p class="p__2">Law 1101 (Mc, Kinney 2000 &amp; Supp. 2002). N.Y. Ins. Law 1102(a) (Mc, Kinney 2000) restricts anyone, firm, association, corporation or joint-stock business from doing an insurance company in this state, unless accredited as an insurance company or exempted from licensing. N.Y. Ins. Law 1101(b)( 1) (Mc, Kinney 2000 &amp; Supp.</p>
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<h1 style="clear:both" id="content-section-1">Surety Bonds Services - Brunswick Companies - Truths<br></h1>
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<p class="p__3">(focus supplied) Subparagraphs (C), (D) and (E) are not relevant to this conversation. N.Y. Ins. Full Article (a)( 1) (Mc, Kinney 2000 &amp; Supp. 2002) specifies "insurance coverage agreement" as follows: (a)( 1) [A] ny agreement or other deal whereby one party, the "insurance company", is obliged to confer advantage of monetary value upon another celebration, the "insured" or "recipient", dependent upon the occurring of a fortuitous event in which the guaranteed or recipient has, or is anticipated to have at the time of such occurring, a material interest which will be negatively affected by the taking place of such event.</p>
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<p class="p__4">Ins. Law 1101(a)( 2) (Mc, Kinney 2000 &amp; Supp. 2002) defines "fortuitous event" as "any occurrence or failure to happen which is, or is presumed by the parties to be, to a considerable degree beyond the control of either party." In accordance with the above, if ABC Co. promises the bank that it will pay the loan due to the monetary default of a consumer, such activity would make up doing an insurance coverage company, for which licensing would be required.</p>
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