The quick reply to this query is yes it is. It could be used as a kind of insurance policy as most of the clients do. It is a kind of credit saving policy. It is a kind of surety that you can purchase from bank and in case of any problem in getting your loan installments back from the lender party you would be supported by the bank, and they are supposed to pay you a certain amount of money. So all this resembles an insurance policy.
There is a generalized unrest among the business owners and related people about the cessation of medical care and many other entitlements, and this leads to get a surety bond. The bank which is providing the bond would need your payments on a monthly basis in a specific percentage according to the services that you want to be ensured. In case of loss of the medical care services, you are least worried as the bank would be paying for it. The policy is same in case of a social security program.
A bond and an insurance policy share many characteristics in common but they have some considerable differences as well. The most important thing for a surety policy is its performance in the world of finance. They need to regulate the services a bit, and focus more on the finance part. In some parts, they are regarded as mere gambles. In European countries, these kinds of finance dealings are considered as games of money. By considering this, one can designate all the insurance policies as a gamble. Like in case of accident’s insurance, you are at the least loss if your assets burn. If you have vehicle insurance, you would be getting a good amount if your car gets into a road traffic accident. Therefore, for a client, the insurance policy is much like a game of money.