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What are the compliance issues for force placing homeowners insurance on a mortgage loan?
Wiki User
∙ 11y ago
When you sign all the documents relating to mortgaging a home part of the contract has you agreeing to provide and maintain a physical damage policy on the property being mortgaged. When you let your insurance cancel or not provide a copy of said insurance to the mortgagee you are in violation of the contract. This gives the mortgagee the right to forclose on the home and/or force placing coverage on the home which only covers the mortgagee interest.
Wiki User
∙ 11y ago
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Your well went dry Shouldn't your homeowners insurance pay to get it running?
Very doubtful, the homeowners policy isn't a maintence policy, all losses must be sudden and accidental and a 'named' peril must have caused the loss. Additionally, this issue would probably be determined to be an "Act of God," thus placing the loss outside of insurance coverage.
What companies sell homeowners insurance in GA?
There are many, many insurance companies who sell homeowners insurance in the state of Georgia. It gets a little harder at the coast as in every state. Homeowners insurance itself is a little harder to get in the past few years because of the losses that insurance companies have had. It goes in cycles whereas insurance companies want more auto insurance for a while then home insurance and then back in forth again. You sometimes have better luck placing both your auto and home insurance with the same company if you are having trouble now. I own an insurance agency in Middle Georgia and recommend that you go to an Independent Agency who handles many different companies and are not just subject to the practices of a single company.
What is the dental insurance code for placing braces?
For children it is 8080.
Which is costly... Compliance or Non-compliance?
I think its non compliance, costs associated with the penalties for non compliance can be several times more, than complying with legal guidelines. Governments worldwide have been placing companies under scrutiny as corporate failures and fraud has demonstrated the need for legislation. In such a scenario, every organization should seek compliance perspective from external sources, not only to handle the costs, but also to deal with the process smoothly. Learn more about Compliance Management here http://www.thecomplianceauthority.com/. Compliance experts will prove helpful in dealing with this expensive affair.
What is wagering insurance?
Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss
How does one go about placing an auto insurance claim?
"The first thing to do is notify the police if a crime was commited (break-in, accident). Then contact your insurance agent with all the information about the incident."
If fishing tackle is stolen from a trailered boat does boat vehicle or homeowners pay?
Personal Property is covered on your home policy. You would need a high value of tackle to justify risking placing a claim. Good Luck.
What is the first step in placing an auto insurance claim?
First contact your car insurance company and tell them the details to the accident. They will help decide whether to fill out a claim or not. Many times you can do it either online or on paper at their office.
What are the disadvantages of placing business with insurance companies not through a broker?
firstly, when placing the business with an insurance company they can only talk about their product so you are not getting independent advice on what might be best for you. Second, in the event of a problem or a claim there will be no broker acting on your behalf and with your best interest in mind. Last, a broker is supposed to be an expert in insurance so will find you the right product you need. You are not an expert and the person in the insurance company is a limited expert. Use a broker Be warned - some brokers are not all they appear and may actually only deal with one or two insurance companies for your type of business.
How does car insurance grouping works?
Car insurance grouping works by placing certain vehicles into a numerical group to determine the monthly premium. Groupings are based on factors like the cost of repairs, safety features, the price of the vehicle, and performance.
Can a condo association take my condo after placing a lien?
Typically, yes, if it is a bona fide lien due to not paying your assessments or for a fine as a result of non-compliance with house rules. Note that laws vary from state to state, so it is a good idea to talk with an association-savvy attorney in your area for more info on your state's laws. Try to work out a payment plan with the condo association if you are in financial trouble. Your mortgage company might also be able to help. Note, however, that they may declare your loan in default for not paying your assessments.
In real estate what is the difference between a name being on a deed versus a name being on a mortgage?
The name on the deed is the owner of the property. The name on the mortgage is the person who must pay the debt underlying the mortgage. Prior to the recent lowering of mortgage standards across the country (leading to the sub-prime crisis), the lender would always confirm that ALL the owners on the deed also executed the mortgage. If the mortgage is subsequently foreclosed that enables the lender to take title to the property. If only one co-owner signed the mortgage the lender would only get that proportionate interest in a foreclosure. If you don't own the property and you sign the mortgage you are placing yourself in a position of debt for property you don't own. Many lenders are asking non-fee-owners to co-sign notes. That way if the owner goes into default the lender can go after the co-signer for payment. It is a very bad practice with no benefit to the non-owning co-signer.
