A surety bond under which the company (surety) guarantees that the principal (public official) will faithfully perform his official duties and will account for all funds entrusted to his care.
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A performance bond for holders of public office.
Tag: RAW
Public official bond (Surety)
A type of surety bond wherein the surety, in this case, the company, guarantees that a public official, which is the principal for the bond’s purposes, will do their job and properly manage all funds.
Public Place for Motor
Public place means a road, street, way or other place whether thoroughfare or not, to which the public have a right of access, and includes any place or stand at which passengers are picked up or set down by a stage carriage.
Public policy
The law will not enforce an insurance which is against public policy, i.e. a policy with a mischievous tendency and therefore injurious to the state or the community. Insurance contracts without insurable interest are in effect wagering contracts and are therefore contrary to public policy and void.
Public sector pension scheme
The occupational scheme for employees of central government; local government; nationalised industries; other state organisations. Scheme rules are defined by statute. The accrual rate is oneeightieth for each year of service with a maximum pension of 40/80ths.
Public sector transfer arrangements
System used by a transfer club made up mainly of public sector pension schemes. A transfer club is where several schemes deal with transfer payments in the same way.
Public Service Vehicle for Motor
Any motor vehicle used or adapted to be used for the carriage of passengers for hire or reward, and includes a maxi cab, a motor cab, contract carriage and stage carriage.
Public use file
Nonidentifiable data that are within the public domain.
Public Utilities Clause
Extends a business interruption insurance to provide an indemnity in respect of interruptions due to damage by an insured peril at the premises of a specified supply authority.
Pulmonary medicine
Branch of medicine that relates to diseases of the respiratory system (i.e., lungs and aorta).