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APPLICATION FOR A FINANCIAL INSTITUTION BOND - NET

APPLICATION FOR A FINANCIAL INSTITUTION BOND - NET 2025

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The document is an application form for a Financial Institution Bond, Standard Form No. 24, specifically designed for commercial banks, savings banks, and savings and loan associations. It requires detailed information about the insured institution, including its address, financial data, number of employees, banking locations, and desired coverage options. The form also includes sections on audit procedures and internal controls to ensure compliance and risk management. Additionally, it outlines legal warnings regarding fraudulent claims across various states.

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What is a fidelity bond application?

A fidelity bond is a three-way contract or agreement between the employer (the credit union), the employee and the insurance provider. The insurer guarantees the honesty or fidelity of an employee and agrees to indemnify the credit union for loss arising from a dishonest or fraudulent act of the employee.

What is the difference between a financial institution bond and a crime policy?

Fidelity bonds specifically protect a business from losses caused by fraudulent acts committed by its employees. On the other hand, crime insurance offers broader protection against criminal activities, including those committed by employees, as well as third parties.

What happens if you dont have a fidelity bond?

Failure to have a bond is a fiduciary breach, resulting in plan fiduciaries being personally liable for any losses due to fraud or dishonest practices that would have been covered by the fidelity bond.

What does bond application mean?

A surety bond application is a form required by the surety carrier. It provides the basic information needed about the bond and the principal for the approval process. It also often serves as the legal contract between the surety carrier and the principal.

What is a fidelity bond form?

An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty. Fraud or dishonesty includes, but is not limited to, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication, and other acts.

What is a financial institution bond?

Financial institution bond (FI bond) insurance, also known as a fidelity bond, is designed to help protect financial institutions against a variety of fraudulent risks, including losses from employee dishonesty, such as theft or forgery, as well as certain external perils.

What is the purpose of a fidelity bond?

Protecting business owners from employee dishonesty. Employee Dishonesty Insurance, often broadly referred to as a fidelity bond, is a type of business insurance that offers an employer protection against financial losses that are caused by its employees dishonest misconduct.

APPLICATION FOR A FINANCIAL INSTITUTION BOND - NET 2025

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