It depends, but the terms are NOT interchangeable.
The guarantor is the person or entity financially responsible for the bill. The subscriber is the person who carries the insurance.
Example of when they are the same person: An adult carries their own insurance policy (subscriber). They are also financially responsible to pay the charges they incur for the doctor's visit (guarantor). Charges include non-covered services or share of cost such the deductible, copay, or co-insurance.
Example of when they are a different person: Adult 1 (father) carries a family insurance policy (subscriber). Adult 2 (son, a college student) is covered under Adult 1's policy. Adult 2 is responsible for their share of cost (such as copays and coinsurance or anything that isn't covered under the insurance policy).
Policyholder Insured Member
Yes, Both are interchangeable.
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
Assuming that there is a written agreement showing that you agreed to serve as a guarantor on behalf of a creditor, the guarantor (or as you call it, a guaranteer) generally has the same rights and defenses against a creditor as the debtor would have. Often, the written agreement guaranteeing the creditor, will spell out what rights and defenses a guarantor may assert.
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.
No, trustee is different from a guarantor.
His father acted as guarantor when he got the loan from the bank to buy the house.
The guarantor cannot be released without agreement of the creditor.
I was wondering the same thing. My father was the loan guarantor of my daughter's college loan, and he passed away a couple of years ago. Letters are still being mailed to an address where he never lived.
The guarantor is the person responsible for a medical bill. For a child, the guarantor is usually a parent.