Administration Bond
Barron's Insurance Dictionary:
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Administration Bond
Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the jurisdiction.
If dishonest acts by the executor or administrator result in financial loss to the estate, the bond will act as an indemnitor to the estate.
This bond is posted by the executor or administrator of the estate.
If dishonest acts by the executor or administrator result in financial loss to the estate, the bond will act as an indemnitor to the estate.
This bond is posted by the executor or administrator of the estate.
| Administration, Administering Agency, Adjustment Provision | |
| Administrative Charge, Administrative Expenses, Administrative Law |
Investopedia Financial Dictionary:
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Administration Bond
A bond that is posted on behalf of an administrator of an estate to assure that he or she conducts their duties according to the provisions of the will and/or the legal requirements of the jurisdiction. The bond covers any financial losses to the estate due to dishonest or improper acts by the administrator.
Investopedia Says:
An administrator is appointed to handle the estates of individuals who died without a will, had a will but not an executor, or in cases when the executor has died, been removed from the case or has declined to serve.
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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