What does Administration Bond mean? Read on to discover the definition & meaning of the term Administration Bond - to help you better understand the language used in insurance policies.
An administration bond is the financial security that courts require from administrators of an estate before allowing them to distribute the assets of the deceased. This bond guarantees that the assets are distributed fairly to the beneficiaries, creditors, and other parties that are financially linked to the deceased.
We hope the you have a better understanding of the meaning of Administration Bond.