Monies available to pay the lender if the borrower defaults on his agreement.
Tag: RAW
Collateral source rule
Legal doctrine under torts that if an injured person receives proceeds for the injuries, the payment should not be deducted from the health or disability insurance (collateral source).
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Rule of civil legal procedure which bars from evidence information on most other (collateral) source from which a plaintiff may be able to collect compensation for harm caused by the defendant’s wrongful conduct. The rule aims to require the defendant to pay the full cost of the defendant’s wrongdoing.
Collect for Freight
Freight payable at destination provided the vessel delivers the specified goods in reasonable condition.
Collecting Commission
Commission paid to a broker by the insured where the broker has collected a Marine insurance claim on his behalf.
Collecting Note
A document empowering a broker to collect a marine insurance claim on the insured’s behalf.
Collecting societies
Registered friendly societies which operate almost exclusively in the field of industrial life insurance.
Collection agency
Professional business service employed by a medical practice or hospital facility as an agent to pursue and attempt to collect unpaid or past-due accounts owed by a debtor that arose from an expressed or implied agreement. Generally, a collection agency is paid by receiving an agreed-upon percentage of the amount collected.
Collection Commission
Commission paid by an insurer to an agent for the collection of premiums.
Collection commission (Life Insurance)
A portion of the premiums gathered on debt insurance, paid to the agent who collected them.
Collection fee (Life Insurance)
A fee paid to an insurance agent for collecting policy premiums.