Companionlink6/5/2023 ![]() ![]() So, a guarantor is a person who is ready to pay your medical bills in case you cannot do it or your insurance company. According to statistics, 49% of survey respondents said that a $1,000 bill could be a real problem for them. You have probably come across the term guarantor in the forms that you were given to fill out in hospitals. Now we will talk about the role of guarantors in the case of different insurance policies. Most often, relatives or close people become guarantors for insurance policies. This is the person who undertakes to pay insurance premiums if the insured person is unable to do so. We are more interested in the question – “what is an insurance guarantor?” on the part of the one who buys the policy. Guarantor organizations are subject to politics and laws, so their activities may differ from country to country and even from state to state. Payments are made according to a complex system of priority positions. Such organizations check the solvency of insurance companies, conduct their audit, and if problems are found, they assume the obligation to pay compensation. On the part of the company, these are organizations that take responsibility that the company will pay the appropriate amount due in case of an insured event. If we are talking about insurance, then there are guarantors from both parties who have agreed. Simply put, an insurance guarantor is a person or organization that guarantees the payment of bills or other obligations. ![]()
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