This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Situation in which property of one has been entrusted to another. A bailment can be for the benefit of either party or both. The degree of care owed by the bailee to the bailor differs according to who has the benefit of the bailment.

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Approved for 1 Hour of State Reported CE Credit in AR, AZ, CO, DE, FL, GA, IL, IN, KS, MA, NC, NE, NJ, OK, SC, TN, TX, and UT.