Who is the guarantor on insurance?
- Tony Dean
What does the term Insurance Guarantor mean? – An insurance guarantor is a neutral third party in a contract who has ratified the deal. An insurance guarantor is a person or organization that guarantees the fulfillment of a commitment made by one party to another.
For what is a guarantor responsible?
The guarantor is ultimately responsible for the guaranteed portion of the loan. If the person they backed defaults on their loan, the guarantor is accountable for the amount they guaranteed. Depending on the amount of assets or exposure they have to the mortgage, this might place them at a significant risk.
How would you define an insurance guarantor?
What is the difference between a Guarantor and a Subscriber? Webnews21 How do you define an insurance Guarantor? What mechanism is used to determine the guarantee? What is its distinction from the insurance subscriber? Responsible Party Information is Guarantor Information.
What is a guarantor vs a subscriber?
The subscriber to insurance is distinct from the Guarantor. A person designated as a Guarantor (or responsible person) is accountable for paying the patient’s bill. The patient is often the Guarantor if the patient is a child or an incapable adult. The Guarantor does not include the insurance company, the wife, or the husband.