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What is the provision in a insurance policy that protects the lender of the mortgage from any acts of the borrower that could invalidate coverage or leave the lender without security?
Wiki User
∙ 9y ago
The mortgagee clause will give the lender notice of cancellation but it will not protect the lender for actions or damages done by the insured on the policy. All property policies specifically exclude intentional acts by an insured.
Wiki User
∙ 9y ago
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Is it wise to porcure a home equity loan at age 66 and not insure it?
Depends on the insurance you are referring to. 1) Mortgage Insurance does not benefit the borrower; it benefits the lender. 2) Property Insurance will be required by the lender. 3) Credit Insurance pays the debt if a short list of issues befalls the borrower. Read the contract carefully and make sure your existing insurance and state/federal programs do not already offer the same coverage. This type of insurance is like an extended warranty: usually a rip-off unless you find yourself needing it.
What is the rate of mortgage insurance?
Let assume any of the mortgage insurance firm. That is going to depend on the amount of coverage, your age, health, gender, and a few other items. It is usually better to deal with your insurance agent on this rather than the mortgage company. If you mean do mortgage insurance, this is a product that insures the lender against default by the borrower. The rate for that product depends on the amount of the loan vs. the property value, the type of loan and the credit score of the borrower.
How can I get the best rates for life insurance coverage?
You can go to insurance.com to search for the right insurance coverage that will fit your needs.
What company offers the best property insurance coverage?
It really depends on your individual needs for property insurance coverage, for example if you have a basic need for items held in a rented residance you can find great coverage from a number of insurance companies. If you own farmland and need greater coverage for equipment or more specific property it may be best to meet with an insurance rep to go over coverage in more detail.
When it comes to life insurance premium refers to?
a total cost of insurance coverage
What type of home business would invalidate a home insurance policy?
Any type of home business that has been concealed from the insurance company could invalidate "all" coverage under your homeowners insurance policy.Your contract with your insurance company will require that you disclose any home business operation when you apply for or renew the policy.
What is restoration of benefits provision in health insurance?
its a provision that allows an insured to restore a certain amount each year for coverage limits lost due to previous claim payments.
What is Spousal carve out?
Spousal carve out is when an employer has a provision in their health insurance plan by which they deny coverage of an employee's spouse if he/she qualifies for, whether declined by him/her or not, coverage under another plan.
What does forced place liability insurance cover?
It covers the lien holder interest only in the described property. There is no coverage at all for the borrower / debtor.
Can a vehicle be repossessed by the lien holder for not having insurance in the State of Maine?
Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.
How does insurance help you?
Insurance helps you not only to have life coverage, but helps to build a big corpus by way of compulsory savings. Insurance helps you to arrange future provision for your dependants. In Health insurance, it acts as a Safeguard against sky rocketting medical expenses and cost of medicine.
What is force-placed or lender-placed insurance?
A Bank or Mortgage company requires that the borrower maintain "hazard" insurance and list them as an additional insured. The "hazard" insurance is a homeowners or dwelling fire policy. If they do not receive proof of insurance coverage or if they receive a cancellation from the insurance carrier they will secure coverage on your behalf to "protect their interest" . This policy is usually a Fire Policy that Only covers the Bldg for the amount of the loan. It will not provide coverage for personal property or liability. The premium is high and they will simply increase the mtge payment to escrow the payment for this policy.
Is it wise to porcure a home equity loan at age 66 and not insure it?
Depends on the insurance you are referring to. 1) Mortgage Insurance does not benefit the borrower; it benefits the lender. 2) Property Insurance will be required by the lender. 3) Credit Insurance pays the debt if a short list of issues befalls the borrower. Read the contract carefully and make sure your existing insurance and state/federal programs do not already offer the same coverage. This type of insurance is like an extended warranty: usually a rip-off unless you find yourself needing it.
What is the rate of mortgage insurance?
Let assume any of the mortgage insurance firm. That is going to depend on the amount of coverage, your age, health, gender, and a few other items. It is usually better to deal with your insurance agent on this rather than the mortgage company. If you mean do mortgage insurance, this is a product that insures the lender against default by the borrower. The rate for that product depends on the amount of the loan vs. the property value, the type of loan and the credit score of the borrower.
Is it possible to have insurance coverage by more than one insurance carriers?
Yes, you can have insurance coverage from multiple carriers.
Type of insurance is the same as medical coverage?
In auto insurance, personal injury protection coverage is the same as medical coverage.
Is Car Insurance required in the US?
Virtually all States have Financial Responsibility States. However, the type and amount of insurance that is required varies. For example, in the past, many states required only coverage to pay a percentage of the auto owner's own medical bills and lost wages resulting from an injury in a collision (this was often called "Personal Injury Protection"). However, the requirements often change such that now, many States require liability coverage in various amounts to pay for injuries or property damage done to third parties as a result of negligence (carelessness).Since insurance and motor behicle financial responsibility requirements are governed by State, not Federal law, no broad answer, other than the above, can be given. You will have to research the State law of the governing jurisdiction.A related issue is that when a car is financed, it is customary that the lender require physical damasge coverage on the vehicle to protect the value of the collateral. If the borrower does not get or maintain the insurance, the lender usually has the authority to obtain it and charge it to the loan of the borrower. Such "force-placed" coverage is usually more costly than were the borrower to have complied with the terms of the loan. This is not a requirement of law, but instead, arises from the contract between the lender and the borrower.
