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Ob Oc Od Of Oi Ol Om On Op Or Os Ot Ou Ov Ow Ox
Obi Obj Obl Obs

Obligatory Treaty

REINSURANCE: A reinsurance contract (usually pro-rata) under which the subject matter business must be ceded by the ceding insurer in accordance with contract terms and must be accepted by the reinsurer.
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REINSURANCE: A reinsurance contract under which the subject business must be ceded by the insurer in accordance with contract terms and must be accepted by the reinsurer.
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UK: A reinsurance treaty under which the original insurer must cede and the reinsurer must accept all risks falling into the class of business covered by the treaty.

Obligee

A term used in surety bonds to refer to the individual or firm that is to benefit from the bond’s protection. A performance bond, for example, provides the obligee property owner with recourse if the bonded contractor, the principal, fails to perform.
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Broadly, anyone in whose favor an obligation runs. Frequently used in surety bonds, this refers to the person, firm or corporation protected by the bond.
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The person in favour of whom some obligation is contracted, whether such obligation be to pay money, or to do, or not do something, the party to whom a bond is given.
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UK: The person or firm protected by a bond. In a performance bond it is the property developer.

Obligor

A term used in surety bonds to refer to the individual or firm bound by an obligation. Also known as the principal.
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Commonly called “principal,” one bound by an obligation. Under a bond, strictly speaking, both the principal and the surety are obligers.
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The person who has engaged to perform some obligation, one who makes a bond; the bonding company.
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UK: The person, also called the principal, giving the bond to the obligee. In a performance bond it is the contractor, i.e. the party bound under the bond.