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Financial guarantee insurance

Covers loss from specific financial transactions and guarantees that investors in debt portfolios receive timely payment of principal and interest or guarantees in the event of default by the debtor or obligor. Financial guarantee insurances include: mortgage indemnity insurances; performance bonds; residual value insurance. Financial guarantee cover originated in suretyship.
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A surety bond, insurance policy or, when issued by an insurer, an indemnity contract and any guaranty similar to the foregoing types, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee.

FINANCIAL GUARANTEE INSURANCE

In its simplest form, financial guarantee insurance pays for losses because of the failure of an obligor to pay principal or interest when due. It may also pay as a result of default or insolvency, changes in currency exchange rates, a change in interest rates, or a change in the value of specific assets such as commodities. A common form of financial guarantee insurance is municipal bond insurance, which guarantees that bondholders will receive their principal regardless of the municipality’s ability to pay.Financial guarantee insurance can be very complex and is usually purchased by sophisticated buyers.

Financial guaranty

Insurance that indemnifies an insured claimant, obligee, or indemnitee for financial loss resulting from 1. default or insolvency 2. changes in interest rate levels 3. changes in currency exchange rates, 4. restrictions imposed by foreign governments or, 5. changes in the value of specific assets or commodities.

Financial hardship discount

Reduction of the balance due on a patient’s financial account because of his or her financial status. A hardship waiver can vary from 25% to 100% of the bill and must be documented before a decision is made in these cases. Current guidelines on poverty income are used to determine eligibility for uncompensated services under the Hill-Burton program, the Community Services Block Grant program, and the Head Start program. Physicians may choose to follow these guidelines to direct patients to government-sponsored programs, obtain public assistance, and determine who is eligible for a hardship waiver. The physician may elect to collect the third-party payer’s portion of the bill and adjust off the patient portion of the charge. A written policy about what qualifies a patient for a financial hardship discount must be created because it may be construed as discriminatory if not given to other patients consistently.

Financial institution

Government agency or privately owned entity that collects funds from the public to put in stocks, bonds, money market accounts, bank deposits, or loans. There are depository institutions (banks, savings and loan associations, savings banks, and credit unions) and nondepository institutions (insurance companies and pension plans).

Financial insurance/reinsurance

a contract which is in form a contract of insurance or reinsurance and under which the insured ultimately recovers the premiums paid plus the interest earned on their investment less an amount designed to cover the insurer’s or reinsurer’s expenses and profit, the time value of money thus entering explicitly into the calculation of the premiums charged; the financial element of such contracts often does not involve the transfer of any underwriting risk so there is doubt whether they are in law contracts of insurance (see also finite risk insurance).