Three or more individuals who share a common bond and come together on a regular basis to share problems and experiences. These groups may be sponsored by social service agencies, senior centers, religious organizations, hospital facilities, and charitable nonprofit organizations.
Insurance Encyclopedia
Supportive data
Information that substantiates and authenticates an incident such as author of the document, creation date, accessed date, and modified date. Also called metadata .
Suppression
All actions taken to extinguish a fire, from the time of its discovery.
Supra
Above
Surcharge
An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.
Surety
US: A party that guarantees the performance of another. The contract through which the guarantee is executed is called a surety bond.
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An arrangement whereby one party becomes answerable to a third party for the acts of a second party. Customarily an insurance company, the party in a suretyship arrangement who holds himself responsible to one person for the acts of another.
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Corporation or individual who guarantees the performance or faithfulness of another.
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MEDICAL, US: Individual who undertakes to fulfill the obligation of another.
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See: Bond.
Surety (Surety)
A person or entity who guarantees the performance of another.
Surety Association of America (SAA)
A voluntary, nonprofit, unincorporated association that is licensed as a rating or advisory organization for surety and fidelity insurance in all states, D.C., and Puerto Rico. The SAA handles statistical information, filings, publications, and surety and fidelity bonds.
Surety Bond
A bond which the surety agrees to answer to the obligee for the non-performance of the principal (also known as the obligor).
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US: A contract under which one party (the surety) guarantees the performance of certain obligations of a second party (the principal) to a third party (the obligee). For example, most construction contractors must provide the party for which they are performing operations with a bond guaranteeing that they will complete the project by the date specified in the construction contract in accordance with all plans and specifications.
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A three-party agreement guaranteeing that a principal will carry out the contractual obligations the principal has agreed to perform or, alternatively, to compensate the other parties to the contract for losses resulting from the principal’s failure to perform. Under many surety bonds, the principal is a contractor.
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Bond guaranteeing that a principal will carry out the contractual obligations the principal has agreed to perform, or alternatively, to compensate the other parties to the contract for losses resulting from the principal’s failure to perform. Under many surety bonds, the principal is a contractor, a person seeking a license or permit, or someone involved in a lawsuit in litigation. See Also: “Guarantee Insurance.”
Surety bond guarantee program (Surety)
A program administered by the Small Business Administration, wherein the SBA backs the surety company should a minority contractor suffer a loss under a contract bond.