Guarantor: The person who ultimately accepts financial responsibility to pay the patient's bill. In most cases it is the adult patient receiving the service.
Who is considered the guarantor?
A guarantor is an individual that agrees to pay a borrower's debt in the event that the borrower defaults on their obligation. A guarantor is not a primary party to the agreement but is considered as additional comfort for a lender.
What is the role of a guarantor?
A guarantor is someone who agrees to pay your rent if you don't pay it, for example a parent or close relative. If you don't pay your landlord what you owe them, they can ask your guarantor to pay instead. The agreement sets out the guarantor's legal obligations.
What is the difference between a subscriber and a guarantor?
Guarantor: The person responsible for payment of rendered services. The guarantor is customarily the person bringing the patient in for treatment. This person is not necessarily the same as the subscriber. Health Care Provider: A person who is trained and licensed to give health care.
WHO classifies as a guarantor?
A guarantor is a financial term describing an individual who promises to pay a borrower's debt in the event that the borrower defaults on their loan obligation. Guarantors pledge their own assets as collateral against the loans.
Who is a guarantee and guarantor?
A guarantor is a person, third party or organisation that agrees to guarantee your loan. The guarantee is a legal assurance given by the guarantor to pay the loan if the borrower defaults and is unable to pay.5 Jun 2017
Who is the guarantor signature?
A guarantor is an individual who signs a loan or lease document in addition to the primary borrower. If the primary borrower defaults on the obligation, the guarantor will step in and pay for the debt. Guarantors are sometimes used in rental agreements, on student loans, with mortgages and auto loans.
Who is a guarantor for a loan?
If you guarantee a loan for a family member or friend, you're known as the guarantor. You are responsible for paying back the entire loan if the borrower can't. If a lender doesn't want to lend money to someone on their own, the lender can ask for a guarantee.
Who is the guarantor of this insurance plan?
Guarantor: The person who ultimately accepts financial responsibility to pay the patient's bill. In most cases it is the adult patient receiving the service. If the patient is a child, the responsible party may be the child's parent or legal guardian.
Who is the guarantor for medical bills?
A Guarantor (or responsible party) is the person held accountable for the patient's bill. The guarantor is always the patient, unless the patient is a minor or an incapacitated adult. The guarantor is not the insurance subscriber, the husband, or the head of household.27 Aug 2018
Who is the guarantor?
A guarantor is someone who agrees to pay your rent if you don't pay it, for example a parent or close relative. If you don't pay your landlord what you owe them, they can ask your guarantor to pay instead.
What are my responsibilities as a guarantor?
Being a guarantor involves helping someone else get credit, such as a loan or mortgage. Acting as a guarantor, you “guarantee” someone else's loan or mortgage by promising to repay the debt if they can't afford to. It's wise to only agree to being a guarantor for someone you know well.
Is the guarantor legally responsible?
A guarantor is someone who agrees to be legally responsible for a specified loan or agreement, should the person who has taken out the loan fail to make repayments. Guarantors can be party to many types of agreements such as rental/tenancy agreements, personal loans and finance contracts.19 Jun 2020