The true value of insurance lies in its ability to protect human life values. The true significance of insurance is its promise to substitute future economic certainty for uncertainty and to replace the unknown with a sense of security.
(November 2010). In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults.The person or company providing this promise is also known as a surety or as a guarantor.he surety transaction will typically involve a producer; in the United States the National Association of Surety Bond Producers (NASBP) is a trade association which represents this group.
What is a surety bond? Usually the first time anyone has even heard of a surety bond is when they are asked to provide one. As part of licensing a business or a construction project, a bond may be required. In its most simplistic of explanations, a surety bond is somewhat like a professional co-signer.