products-guarantee insurance

An insurance policy covering financial loss as a consequence of a fault occurring in a company's product. A product-guarantee claim would be made, for example, to pay for the cost of recalling and repairing cars that are found to have a defective component. This type of policy would not pay compensation to customers or members of the public injured as a result of the defect. Such claims would be met by a products-liability insurance

Big dictionary of business and management. 2014.

Look at other dictionaries:

  • products guarantee insurance — Insurance that gives protection against legal liability arising from the product failing to perform its intended function. Liability may be for the cost of making the product good and consequential losses. Practical Law Dictionary. Glossary of UK …   Law dictionary

  • products recall insurance — Insurance that gives protection for the cost of recalling defective products. It is mainly arranged as an extension to a products guarantee insurance policy. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • products-liability insurance — An insurance policy that pays any compensation the insured is legally liable to pay to customers who are killed, injured, or have property damaged as a result of a defect in a product that they have manufactured or supplied. Costs incurred as a… …   Big dictionary of business and management

  • guarantee — See guaranty. American Banker Glossary The assumption of responsibility for payment of a debt or performance of some obligation if the liable party fails to perform to expectations. Bloomberg Financial Dictionary Financial security required for… …   Financial and business terms

  • Guarantee Security Life Insurance Company — Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner:: [GSLIC] was, almost from the beginning, a massive fraud, aided… …   Wikipedia

  • insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… …   Universalium

  • Insurance — This article is about risk management. For Insurance (blackjack), see Blackjack. For Insurance run (baseball), see Insurance run. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a… …   Wikipedia

  • UIA (Insurance) — Infobox Co operative company name = UIA (Insurance) Limited company company type = Industrial and Provident Society company slogan = Insurance with principles foundation = 1867 location = Kings Court, London Road, Stevenage, Hertfordshire SG1 2TP …   Wikipedia

  • MBIA Insurance Corporation — A division of publicly traded MBIA, Inc, and a primary worldwide issuer of financial guarantee insurance. Used to back municipal bonds and structured finance products, MBIA insurance is used as an avenue to credit enhancement, as MBIA s insurance …   Investment dictionary

  • Annuity (US financial products) — In the U.S. an annuity contract is created when an individual gives a life insurance company money which may grow on a tax deferred basis and then can be distributed back to the owner in several ways. The defining characteristic of all annuity… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.