A contract whereby one, for a consideration, agrees to indemnify another against loss arising from the want of integrity or fidelity of employees or persons holding positions of trust. People ex rel. Kasson v Rose, 174 Ill 310, 51 NE 246. In substance and effect a contract to be construed as a policy of insurance notwithstanding it may be nominally in the form of a contract of suretyship, having a principal, surety, and obligee. Anno: 7 ALR2d 946; 50 Am J1st Suret § 324.
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