Fidelity bond
Fidelity Bond
A Fidelity Bond (pronounced: fi-del-i-ty bond) is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
Etymology
The term "Fidelity Bond" is derived from the Latin word "fidelitas" which means faithfulness, and the Middle English word "bond", which refers to a written agreement or contract.
Related Terms
- Insurance: A contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
- Policyholder: A person or entity who owns an insurance policy and has the authority to exercise all rights and privileges under the contract.
- Fraud: Wrongful or criminal deception intended to result in financial or personal gain.
- Employee: A person employed for wages or salary, especially at non-executive level.
See Also
References
External links
- Medical encyclopedia article on Fidelity bond
- Wikipedia's article - Fidelity bond
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