Insurance Rate, Online Car Insurance Rate, Life Insurance Rate Sunday, June 18, 2006
A Life Insurance Policy provides the payment of the amount of the insurance to the family members on the death of the insured person. There are three parties involved in life insurance policy- the one who is insured, the one who insures it, and the policy holder. Generally the insured person and the policy holder are same person. Clients that are interested in buying life insurance policy at lowest insurance ratescan contact a reputed Life Insurance Agent. The responsibilities of Life Insurance Agents include meeting new people, get necessary information about their present position and providing them information about their policy products. Also some of the insurance types are Online Car Insurance rates, Life insurance rates.
Life Insurance Agents represents insurance company in selling and serving insurance policies. Life Insurance Agents sends out reminder to pay premium or notify clients of any change in rates. There are two kinds of Life Insurance Agents-Independent Life Insurance agents and Direct Life Insurance Agents. Independent Life Insurance agents help the clients by searching the most beneficial price for the most coverage. Independent Life Insurance Agent can represent two or more companies. Generally the commission the agent gets is a percentage of each paid premium plus the fees for serving the policy of insured person. Direct Life Insurance Agents can represent only one company at a time and sells its policy only. Direct Life Insurance Agents are paid same way as Independent Agent- that is by commission and fees. Also some of the insurance rate are auto insurance rate, best term life insurance rate, health insurance rate, home insurance rate, long term care insurance rate, home owner insurance rate, compare car insurance rate
posted by your Insurance @ 10:34 AM,
Homeowner's insurance
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.
an insurance policy that .combines protection against damage to a dwelling and Is contents with protection against claims of negligence )r inappropriate action that result in someone's injury or )property damage.
Includes the coverage of Hazard Insurance plus added coverage such as personal liability, theft away from the home (items stolen from the insured's car), and other such coverage.
A broad form of insurance coverage for real estate that combines hazard insurance with personal liability protection and other items.
A policy that includes hazard coverage, covering loss or damage to property, as well as coverage for personal liability and theft.
An insurance policy that covers a home and its contents against loss, and protects the insured from liability claims. Top
An insurance policy that covers a homeowner against damages to property. It also includes liability protection for lawsuits from people injured while on the premises.
Insurance coverage which provides compensation to the insured in case of property loss or damage. Also referred to as Hazard insurance.
A type of insurance whereby an insurer, for a premium, undertakes to compensate the insured for a loss on the specific property due to a specified hazards (eg fire, theft, etc.)
Lenders require home buyers to purchase homeowner's insurance. This protects you against fire and, in some areas, floods as well. Most policies also protect the homeowner against theft and liability should someone be injured on the property.
Insurance that protects the homeowner from "casualty" (losses or damage to the home or personal property) and from "liability" (damages to other people or property). Homeowner's insurance is required by the lender and is usually included in the monthly mortgage payment.
Insurance coverage required by a mortgage lender to insure against potentially catastrophic damage to a home (the lender's collateral) such as flood, fire, tornado, or hurricane. Homeowner's insurance also provides liability coverage in case someone is injured on your property.
The insurance, paid for by the homeowner to protect them from loss due to damages such as fire, theft, and wind.
A multiple peril insurance policy commonly called a "package policy". It is available to the owner of private dwellings and covers the dwelling and contents in the case of fire or wind damage, theft, liability for property damage, and personal liability.
Insurance that protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards. Also referred to as hazard insurance.
An insurance policy available to residential real estate owners that protects homeowners against financial loss from fire, theft, public liability, and other risks
Home insurance, or homeowners insurance, is an insurance policy that combines insurance on the home, its contents, and, often, the other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
posted by your Insurance @ 10:25 AM,
Co-insurance obligation
The amount the insured pays in addition to the deductible of any judgment or settlement. This co-payment is usually a percentage of the loss and can apply differently depending upon the type of coverage involved.
posted by your Insurance @ 10:24 AM,
Co-insurance rate
Co-insurance rate is the rate or percentage that the Plan pays for Covered Medical Expenses after the calendar year deductible has been met, subject to any applicable benefit maximums and the Plan maximum.
posted by your Insurance @ 10:24 AM,
Co-insurance clause
The clause states that the insured must carry property coverage limits equal to or greater than a stated percentage of total property values noted in the policy. If a loss occurs and property values have increased to a point where coverage limits are less than the required coinsurance percentage of total property values, a reduced payment will be made to the claimant. ...
A clause in an insurance policy requiring an insured to carry a certain percentage, usually 80, 90 or 100 per cent of insurance in relation to the value of the property insured. If the insured fails to do this, then he agrees to be a self insurer of all losses large or small in the same ratio as his failure to comply with the percentage required, is related to the insurance required. ...
posted by your Insurance @ 10:23 AM,
Co-insurance limit
The maximum aggregate total expenses provided for in the applicable group enrollment agreement and disclosed in the applicable Combined Evidence of Coverage and Disclosure Form that members must pay during a calendar year as co-insurance amounts for all covered services. Certain expenses paid by members are not included in determining whether the co- insurance limit has been met, generally including:
Co-insurance limit is the maximum amount that a covered person must pay during the calendar year before the co-insurance rate is increased to 100% for any additional Covered Medical Expenses other than expenses that are excluded (See Schedule of Benefits) which are incurred by that person during the remainder of the calendar year. The Plan has individual as well as family annual co-insurance limits.
posted by your Insurance @ 10:22 AM,
Co-insurance
Coverage that involves the use of two or more insurers..
Many insurers require that homeowners insure their homes for at least 80 percent of REPLACEMENT COST. If the homeowner fails to do this, a penalty is applied to partial losses. This penalty is usually referred to as Co-insurance.
An arrangement by which a number of insurance companies cover a particular risk.
In medical insurance, the insured person and the insurer sometimes share the cost of services under a policy in a specified ratio, for example 80% by the insurer and 20% by the insured. By this means, the cost of coverage to the insured is reduced.
A form of cost-sharing in which the member and the plan each pay a set percentage for covered services.
The percentage to be paid by the patient. The co-insurance amount is stated in the applicable group enrollment agreement and disclosed in the applicable Combined Evidence of Coverage and Disclosure Form. Co-insurance is determined as percentage of either the charge billed by a provider for covered services, or the applicable rate for the covered service listed on the insurer's (payor's) negotiated rates schedule. ...
Arrangement by which the insurer and the insured share, in a specified ratio, payment for losses covered by the policy after the deductible is met. Sometimes referred to as co-payment.
In health insurance, it is a provision that the insured and the carrier share losses in agreed proportion. Also known as "percentage participation." In managed health care, it refers to the portion of the cost of care for which the individual is responsible, usually determined by a fixed percentage. This often applies after a specified deductible is met. ...
that part of the medical expenses the insured must pay if hospitalized in the USA or Canada.
A fixed percentage amount, such as 10 percent, paid by the enrollee time a certain covered service is received. In most cases, if deductible applies, the remaining charge is subject to coinsurance.
The insured’s share of covered health insurance benefits, usually a percentage.
groupbenefits.thehartford.com/ret_health/glossary.html
A cost-sharing arrangement under which a covered person pays a specified percentage of the cost of a specified service, such as 20% of the cost of a doctor’s office visits.
Policy condition requiring the sum insured to be maintained for a specified minimum percentage of the actual cash value. If not maintained, the insured must bear a proportionate amount of any partial loss.
Is an arrangement whereby two or more insurers enter into a single contract with the insured to cover risk in agreed proportions at an overall premium.
A provision under which an insured, in consideration of a reduced premium rate, promises to maintain a certain percentage of insurance to the value of the property. The co-insurance clause attached to the policies specifies the percentage, and has no bearing on loss payment if the insured keeps his promise. If he carries less than the stipulated percentage of insurance to value, loss payment is limited to the same ratio which his insurance bears to the amount required. ...
in property insurance, when the insurance policy contains this clause, co-insurance defines the amount of each loss that the company pays. The co-insurance requirement may be 50, 80, 90 or 100%. The formula for claims payment is as follows:
The amount of money a health plan will pay for covered expenses, usually expressed in a percentage.
posted by your Insurance @ 10:20 AM,
Bodily injury liability insurance
Protection covering the insured’s legal liability for bodily injury to others caused by the insured’s negligence.
posted by your Insurance @ 10:19 AM,
Personal injury liability insurance
Coverage designed to protect against false arrest, detention or imprisonment, or malicious prosecution; libel, slander, defamation, or violation of right of privacy; and wrongful entry, eviction, or other invasion of right of private occupancy.
posted by your Insurance @ 10:18 AM,
Employer's liability insurance
(EL) - covers liability of FINITE TECHNOLOGIES, INC. for injuries to employees - this coverage is considered part of workers' compensation.
Coverage for legal liability imposed on an employer to pay damages to an employee injured by the employer's negligence. This is not Worker's Compensation Insurance where special acts of legislature set out specifically the relationship between the employer and employees in certain circumstances and formula by which awards in each case are computed.
posted by your Insurance @ 10:17 AM,
Employers liability insurance
Insurance by employers in respect of their liability to employees for injury or disease arising out of and in the course of their employment. With some exemptions this insurance is compulsory in Great Britain, and can only be provided by an authorised insurer.
A feature of standard workers compensation policies, this coverage applies to liability that may be imposed on an employer outside the provisions of a worker compensation law.
posted by your Insurance @ 10:17 AM,
Public liability insurance
A prescribed class of insurance business covering liability exposures of individuals and businesses for damage to property and injury to individuals.
Insurance that covers financial loss caused by an injury to a non-employee that results from the business's negligence and that occurs on its premises.
General term for any liability coverage for claims brought against the insured by a third party or member of the public.
posted by your Insurance @ 10:16 AM,
Property damage liability insurance
This insurance covers damage to physical property and may include compensation for loss of use. Property damage and bodily injury liability are typically written together and are required by all states though minimums may vary from state to state.
coverage for the insured’s legal liability for damage to property of others caused by the insured’s negligence.
An insurance policy that promises to pay all the legal obligations of the insured due to negligence in which damage to the property has been caused.
posted by your Insurance @ 10:15 AM,
Personal liability insurance
The part of a homeowner's policy that covers the insured from legal expenses and claims for compensation should the insured accidentally injure others or damage their property. Top
Insurance for individuals or members of a household offering protection against claims by third parties. (outsiders) alleging bodily injury or property damage due to negligence.
Part of a standard homeowners' policy that covers financial losses you suffer when you accidentally cause bodily injuries to others or damage to their property.
posted by your Insurance @ 10:14 AM,
Automobile liability insurance
Protection for an insured against financial loss because of legal liability act that has car related injuries to others or damage to their property.
Insurance in which the insurer agrees to pay all sums for which the insured is legally obligated because of bodily injury or property damage arising from the ownership, maintenance, or use of an auto.
Insurance which is primarily concerned with the losses related to bodily injury or property damage caused by an automobile and the resulting legal liability imposed on the insured.
legal liability protection for bodily injury or property damage of others due to the negligence arising out of ownership or use of an automobile.
posted by your Insurance @ 10:13 AM,
General liability insurance
The insurance coverage that pertains to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.
Protects the contract from claims resulting from the contractor’s construction operations that result in bodily injury or property damage to a third party.
Insurance which is primarily concerned with losses caused by negligent acts and/or omissions resulting in bodily injury and/or property damage on the premises of a business, injury resulting from the use of a product manufactured or distributed by a business, or injury occurring in the general operation of a business.
A type of liability insurance, other than automobile, workers' compensation, and employer's liability, that covers damage or bodily injury. In a health care setting, general liability insurance covers such incidents as a visitor slipping on a wet floor of a hospital or the theft of a patient's belongings.
posted by your Insurance @ 10:13 AM,
Product liability insurance
Protection against financial loss arising out of the legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of a covered product.
Insurance of the liability of the manufacturer or supplier of goods for damage caused by their products.
Protection against liability arising out of the handling or use of the existence of any condition in goods or products manufactured, sold, handled or distributed by the insured if the accident occurs after the insured has relinquished possession to others and away from the insured’s premises. Coverage also applies to accidents caused by faulty workmanship if the accident occurs away from the insured’s premises and after the work has been allegedly completed.
Insurance taken out by manufacturers, wholesalers, distributors and sometimes retailers against claims arising out of the consumption, handling or use of a product or goods away from the premises where the goods are manufactured or sold. Product recall is also written under this heading if specified.
Coverage that protects a firm against financial loss when a person files suit claiming they were injured by its product.
posted by your Insurance @ 10:12 AM,
Liability insurance
Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person.
Policy that protects against claims against them of property damage, personal injury, negligence, etc.
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.
Insurance coverage that protects you against injuries you cause to other people, or damage you cause to their property.
Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.
Pays for injuries to the other party and damages to the other vehicle resulting from an accident you caused. It also pays if the accident was caused by someone covered by your policy, including a driver operating your car with your permission.
Insurance protecting the insured against financial loss arising out of legal liability imposed upon him/her in connection with bodily injuries (or death) suffered, or alleged to have suffered, by persons of the public, or damage caused to property other than property owned by or in the custody of the insured as a result of the maintenance of the premises, or the business operations of the insured.
protects the homeowner should the contractor damage your property or injure someone on your property including neighbouring properties.
Sometimes called PLPD or Section “A” Coverage, this covers you as a vehicle owner and as a driver if you injure someone or damage someone else’s vehicle or property with your car. The minimum requirement in New Brunswick is $200,000, although many New Brunswick consumers choose to carry additional coverage.
Insurance which serves to protect the insured from the financial consequences of damages claimed by third parties.
Protection for a policyholder, up to an established figure, for amounts payable to another individual for personal (bodily) injury or property damage.
Type of insurance covering an insured's legal liability for bodily injuries to others or damage to the property of others.
www.oneilandco.com/insurnce/trmnolgy.htm
Liability Insurance pays on behalf of the insured for certain types of injury to others.
Liability coverage pays for expenses from damages or injuries to other people that are caused by the policyholder.
Insurance which agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury or damage to property.
Provides protection from lawsuits of others.
Covers a person or company against losses, for which they are legally responsible, to another party or parties .
Insurance coverage that protects against claims against a property owner for injuries or property damage sustained as a result of the property owner's negligence or inappropriate actions.
covers an insured for those sums the insured may be legally obligated to pay as a result of the insured’s negligence.
staying abroad for up to 4 years
insurance that provides protection from claims arising from injuries or damage to other people or property
Liability insurance is a part of the general insurance system of risk transference. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. ...
posted by your Insurance @ 10:08 AM,
Ordinary or straight life insurance
In this policy the insured person pays premiums as long as he lives. Payment may be made on a monthly, quarterly, semi-annual, or annual basis. In nearly all cases the annual payment saves money for the buyer of the insurance, as the premium is lower. Upon death of the insured, the beneficiary (or beneficiaries) receive full payment of the face value of the policy. If annual dividends have been left to accumulate with the company at interest, this money too is paid out to the beneficiary.
posted by your Insurance @ 10:08 AM,
Straight life insurance
permanent life insurance payable on the death of the life insured whenever that occurs. Page 367
(See Whole Life Insurance.)
whole life insurance: insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
posted by your Insurance @ 10:07 AM,
Supplemental group life insurance
Life insurance over and above the basic coverage provided by a group policy. The supplemental coverage may provide an additional amount of the same type of insurance or may provide a different type of insurance. Supplemental coverage is usually contributory and subject to stricter underwriting standards than is the basic group coverage.
posted by your Insurance @ 10:06 AM,
Basic group life insurance
Active KPERS and Judges members and state and local employees in their “year of service” have basic group life insurance. The death benefit is 150 percent of annual compensation.
posted by your Insurance @ 10:05 AM,
Optional group life insurance
Many participating employers affiliate with KPERS to provide extra life insurance in addition to the basic group life insurance available to all members. The member pays for this additional insurance. Coverage amounts range from $5,000 to $250,000 effective January 1, 2004.
posted by your Insurance @ 10:05 AM,
Group life insurance
Life insurance usually without medical examination, on a group of people under a master policy.
Life Insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective. See also Franchise Insurance, True Group, and the first definition of Master Policy. (LI)
Insurance on the lives of several persons as a group, written under one contract called a master policy.
posted by your Insurance @ 10:04 AM,
Ordinary life insurance
Life insurance which is available to individuals in relatively unrestricted maximum death benefit amounts, and premiums may be paid monthly or less frequently.
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
life insurance usually issued in amounts of $l,000 or more to an individual policyholder
A life insurance policy that remains in force for the policyholder’s lifetime. It contrasts with term insurance, which only lasts for a specified number of years but is renewable. (See Term insurance)
Generally, whole life insurance.
whole life insurance: insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
posted by your Insurance @ 10:03 AM,
Group permanent life insurance
Any of several types of life insurance which build a cash value and are underwritten on a group basis. Group permanent life insurance is often used to fund group pension plans and/or to provide life insurance coverage that will continue after retirement.
A form of Life Insurance under which members of a group are provided one of several plans of Permanent Life Insurance on a group basis instead of the more usual plan of Term Life Insurance.
posted by your Insurance @ 10:02 AM,
Permanent life insurance
Life insurance coverage for which the policyholder pays an annual premium, generally for the life of the insured. This type of policy features a savings component, known as the cash surrender value.
A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life.
A term loosely applied to Life Insurance policy forms other than Group and Term, usually Cash Value Life Insurance, such as endowments and Whole or Ordinary Life policies.
Life insurance that provides coverage throughout the insured’s lifetime and also provides a savings element that builds a cash value.
Type of life insurance other than term insurance which accrues cash value and is designed for long-term, or permanent, needs of a policy holder. Includes universal and variable life, among others.
A type of life insurance that includes both a death benefit and a cash value component.
Life insurance that continues as long as premium payments are made or enough cash value is available to cover the cost of insurance charges. Typically the maturity of the policy is age 100 of the insured.
Insurance that covers the entire life of the insured person, as long as the premiums are paid. This type of insurance also builds up a cash value.
is designed to provide lifelong protection with generally level premiums. There are three main types: whole, universal and variable. All permanent policies may accumulate cash value.
Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured, the payout is assured at the end of the policy (assuming the policy is kept current) and the policy accrues cash value.
posted by your Insurance @ 10:01 AM,
Flexible premium variable life insurance
A life insurance policy that combines the premium flexibility feature of universal life insurance with the equity-based benefit feature of variable life insurance.
posted by your Insurance @ 10:00 AM,
Variable life insurance
A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum. A minimum cash value is seldom guaranteed. Because the policy owner assumes investment risk under variable life insurance policies, these products are considered securities contracts. ...
A type of whole life insurance that allows the policyowner to invest premiums in stock, bond, and money market funds chosen from the insurance company's portfolio. The cash value and death benefit of this policy is determined by the success of those investments.
A whole life insurance policy giving policy holders benefits based on the performance of the securities in the portfolio.
Life insurance under which the benefits relate to the value of assets behind the contract at the time the benefit is paid. The assets fluctuate according to the investment experience of a separate account managed by the life insurance company.
A form whose face value varies depending upon the value of the dollar or securities or other equity products at the time payment is due.
A life insurance contract where the cash value and death benefit fluctuate in response to the performance of the investments, There is generally a minimum fixed premium and minimum guaranteed death benefit.
This is also a type of life insurance that has an investment component as well as a death benefit. The main difference from universal life insurance is that you may select the types of investment vehicles as well as determining the investment amount.
An investment oriented type of permanent life insurance that provides both life insurance coverage and a savings vehicle through sub-accounts with the amount of return linked to an underlying portfolio of securities. Variable life insurance has a fixed premium and a guaranteed minimum death benefit. Voidable: An insurance policy that can be cancelled by either the insurer or the insured if either side breaches any term(s) in the contract.
A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion.
Variable life insurance policies are cash-value policies that allow you to choose how your premium is invested from among a package of alternatives offered by the insurer. At any time, the face value of your policy depends on how well the investments you’ve chosen are performing.
posted by your Insurance @ 9:59 AM,
Joint credit life insurance
Credit life insurance that pays the full benefit amount to a lender upon the death of any of the cosigners of a loan.
posted by your Insurance @ 9:58 AM,
Credit life insurance
A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.
A type of insurance, often bought by borrowers, that will pay off the debt if the borrower dies while the policy is in force.
A form of insurance which is designed specifically to pay out the debts of the insured person in case of their death.
insurance on the life of a borrower that pays off a specific amount of debt or a specified credit account if the borrower dies.
A group life insurance contract whereby a creditor is protected in the event of death of the insured prior to the indebtedness being paid in full.
This is a special type of coverage usually designed to pay off your loan or charge account balance if you die. Some lenders or sellers may require credit life insurance before they will approve your loan. If credit life is required, the lender or seller cannot require you to purchase it from them or a particular insurance company.
Insurance that pays off a mortgage in the event of the borrower's death.
A single or recurring premium term life insurance policy taken out by borrowers. Its purpose is to cover payment of outstanding loan balances in the event of their dying, or on the happening of other specified events. This class of business is sold in both the life and short term insurance industries.
Life insurance that insures all or a portion of the indebtedness if the insured dies during the term of the coverage.
A type of insurance, often offered by lenders in which the amount of the policy matches the loan balance at any given time, designed so that the loan will be paid off in full in the event of the death of the borrower. No one is required to buy credit life insurance.
life insurance which discharges a cardholder's credit card debt in the event of his death.
Life insurance issued by a life insurance company on the lives of borrowers, payable to the creditors, to cover payment of loans (usually small loans repayable in installments) in case of death. It is usually handled through a lending office and is written on either a group or an individual basis.
posted by your Insurance @ 9:57 AM,
Level term life insurance
The type of life insurance that provides protection for a specified period of time only.
posted by your Insurance @ 9:56 AM,
Group term life insurance
The most common form of group life insurance. Yearly renewable term insurance on employees during their working careers.
Life insurance coverage purchased by an employer for a group of employees. Such insurance is renewable on a year-to-year basis and does not accumulate in value; that is, no cash surrender value is built up. The premiums paid by the employer on such insurance are usually not taxed to an employee unless coverage exceeds $50,000.
posted by your Insurance @ 9:55 AM,
Decreasing term life insurance
Term insurance, the face value of which decreases each year over a slated period. Family income and usually mortgage cancellation are decreasing term insurance.
Term Life Insurance is designed to provide a fixed death benefit that is available for premium paid during a given term. Decreasing Term Life Insurance is similar, except that the of the policy limit decreases, while the premium is generally flat. This type of insurance is useful for guaranteeing mortgage payments and other credit balances that decrease by a fixed amount over time.
posted by your Insurance @ 9:55 AM,
Term life insurance
Insurance that covers the insured for a specified period such as one, five, or 10 years, often with an option to renew. Premiums are paid throughout this time, but generally become higher during the course of the term, as the policyholder grows older.
Life insurance without cash surrender value or loan value which can be used as collateral for a loan. Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.
A policy that provides protection for a specific period of time (eg. 20 years). If you’re alive when the term ends, there is no payout. Usually the least expensive type of life insurance.
Administered by Fort Dearborn Life. This policy provides a designated survivor(s) with a monetary benefit.
Life insurance protection for a limited period which expires without maturity value if the insured survives the period specified in the policy.
A life insurance policy purchased for a term of years. If the person dies during this term, the beneficiary receives the face amount of the policy. The policy expires at the end of the stated number of years.
provides coverage for a specific period of time, usually from one to thirty years. Term policies provide a death benefit only if the insured dies during the term.
It is a temporary insurance offering protection for a limited number of years and also does not have any cash value.
Term life insurance, which is usually the least expensive form of life insurance, pays a death benefit to your beneficiary or beneficiaries if you die while the insurance is in force. If you live past that period and don’t renew your policy, or if you stop paying the premium, the coverage ends and no payment is made.
Term life insurance is for a fixed period of time as described in the policy agreement. Form of pure life insurance having no cash surrender value and generally furnishing insurance protection for only a specified or limited period of time; though such policy is usually renewable.
Life insurance that covers you for a fixed period (term) of time.
Term Life Insurance is the most commonly purchased form of life insurance on the market (64% of insurance sold in Canada in 2000 according to the Canadian Life and Health Insurance Association).
Term insurance is life insurance coverage for a specified period of time. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1 year, 5 years, 10 years, 15, 20 and even 30 years. For example: 30 year level term would guarantee a level premium for 30 years based on a specified death benefit. Term life insurance is usually the least expensive form of life coverage, at least initially.
Term life insurance is a type of life insurance that is temporary, as it covers only a specific period of time, the relevant term. It can be considered pure insurance because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
posted by your Insurance @ 9:53 AM,
Mortgage life insurance
A form of reducing term insurance recommended for the borrower. In the event of the death of the owner or one of the owners, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.
Insurance that pays off the mortgage debt should the insured borrower die.
A term life insurance policy that covers the declining balance of a loan secured by a mortgage, and is payable upon death of a covered borrower.
A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired.
This insurance guarantees that if you die your mortgage will be paid in full. This insurance can be conveniently purchased through your lender and the premium added to your mortgage payments. However, you may want to compare rates for equivalent products from an insurance broker.
A decreasing-term life insurance policy purchased by a borrower which will pay off the outstanding balance in the event of the death of the borrower (mortgagor). The premium is paid as part of the monthly mortgage payment. Back to top -- View Real Estate Listings
A policy of insurance which promises to pay out the remaining balance owing on a mortgage should the borrower die. The amount payable by the insurer declines as the mortgage is paid down and the policy ends upon the paying out of the mortgage.
The insurance guarantees that if you die your mortgage will be paid in full.
A type of term life insurance often bought by mortgagors. The coverage decreases as the mortgage balance declines. If the borrower dies while the policy is in force, the debt is automatically covered by insurance proceeds.
A term life insurance policy that is made payable to the lender should a borrower die prior to repaying the loan.
an insurance policy on the life of a borrower that repays an outstanding mortgage debt upon the death of the insured.
Insurance that pays off your mortgage debt in the event of your death.
Term insurance which pays if death (mortgagor) occurs within a stated period, for the value of the then mortgage debt. A maximum $ amount may apply. Some policy's may contain riders that cover the terminally ill or accidental dismemberment within the same contract.
A type of term life insurance bought by the lender.
Is a fee paid by the borrower to the lender in exchange for being permitted to break a contract (a mortgage agreement); usually three months' interest, but it can be a higher or it can be the equivalent of the loss of interest to the lender.
posted by your Insurance @ 9:52 AM,
Whole life insurance company
A type of insurance policy that has face value and accrues cash value.
posted by your Insurance @ 9:51 AM,
Joint whole life insurance policy
One insurance policy that covers two lives and that generally provides for payment of the proceeds at the time of the first insured's death.
posted by your Insurance @ 9:51 AM,
Graded premium whole life insurance
A type of whole life insurance in which premiums increase once or at specified points in time, such as every three years, until a premium that remains level is reached.
posted by your Insurance @ 9:50 AM,
Modified-premium whole life insurance
A type of whole life insurance in which the policyowner pays a lower than normal premium for a specified initial period, such as five years. After the initial period, the premium increases to a stated amount that is somewhat higher than usual. This higher premium is then payable for the life of the policy.
posted by your Insurance @ 9:49 AM,
Current assumption whole life insurance
Nonparticipating whole life policy in which the cash values are based on the insurer's current mortality, investment, and expense experience. An accumulation account is credited with a current interest rate that changes over time. Also called interest-sensitive whole life insurance.
posted by your Insurance @ 9:48 AM,
Whole life insurance
Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value) as a result of the level premium approach to funding the death benefit.
Whole Life Insurance is also know as Ordinary, Standard or Permanent life insurance. Unlike term insurance, whole life insurance provides insurance coverage for the lifetime of the insured. Whole life insurance policies also provide tax-deferred buildup of cash value, payable upon surrender or payment default.
A permanent life insurance product offering guaranteed death benefits and guaranteed cash values.
Life insurance that provides coverage for an individual's whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation.
A plan of insurance for life, with premiums payable for a person's entire life.
A life insurance policy under which a cash surrender value is generated and grows, with future premium payments and stated interest accruals credited by the company.
Permanent insurance which provides coverage for the life of the insured, provided premiums are paid as specified in the policy. Whole Life insurance will pay a death benefit upon the insured's death or a cash endowment upon policy maturity that is equal to the death benefit.
Also called Ordinary Life, a type of life insurance policy continuing throughout the policyholder's lifetime and payable upon death or when one attains a specified age.
The most common type of permanent life insurance, with fixed premiums, a fixed guaranteed rate of return, and guaranteed cash values. Premiums must generally be paid as long as the policy is in force.
Combines life insurance with a savings plan. Premiums are fixed and the policy remains in force as long as you continue paying your premiums.
Whole Life Insurance is life insurance that is kept in force for a person's whole life as long as the scheduled premiums are maintained. All Whole Life policies build up cash values. Most Whole Life policies are guaranteed as long as the scheduled premiums are maintained. The variable in a Whole life Policy is the dividend which could vary depending on how well the insurance is doing. ...
The oldest kind of cash value life insurance that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level throughout the policy’s lifetime.
An insurance policy that will cover you for your whole life, no matter how long that happens to be. Because this is maximum coverage, it is also more expensive than term life insurance.
This kind of insurance provides coverage for your entire life. Part of the premium payments are used to build up savings over time.
Whole Life Insurance is the classic form of permanent life. It provides coverage throughout the insured's lifetime, at a uniform premium rate that does not increase with age.
insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
posted by your Insurance @ 9:46 AM,
Group universal life insurance
Group life insurance for which the insured usually pays the full premium and can choose the amount of premium to pay, and in which the death benefit is determined by the amount of the premium. The insured can vary the premium and death benefit amounts during the life of the policy. Like individual universal life insurance, GUL is designed to combine insurance protection with a savings/investment element.
posted by your Insurance @ 9:45 AM,
Survivorship universal life insurance
A flexible premium universal life insurance policy that insures two individuals (usually a married couple) and pays a death benefit on the second death when estate and other taxes are due. The policy ownership can be designed so that the heirs pay no income, gift, or estate taxes on the proceeds. The proceeds can then be used to offset estate settlement costs.
posted by your Insurance @ 9:44 AM,
Variable universal life insurance
A form of whole life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance. Because the policyowner assumes investment risk under variable universal life insurance policies, these products are considered securities contracts.
Variable Universal Life Insurance (often shortened to VUL) is a type of life insurance, that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The 'variable' component in the name refers to this ability to invest in volatile investments similar to mutual funds.
posted by your Insurance @ 9:43 AM,
Universal life insurance
A hybrid insurance product that combines the protection of a conventional term insurance policy with cash values and investment yields. Unlike traditional whole life policies, universal life divides death protection and cash value accumulations into separate components.
A life insurance term policy that is renewed each year and which has both an insurance component and an investment component. The investment component invests excess premiums and generates returns to the policyholder.
A flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at varying rates.
A life insurance product under which premiums are generally flexible, the level of death benefits may be adjusted and expenses and other charges are specifically disclosed to the policyholder and deducted from their account balance.
A flexible policy, in which the cost of the premium, the savings value and the coverage can change as your needs change.
Life insurance with an investment component as well as a death benefit. You, the policyholder, have the right to increase or decrease the investment amount.
A highly modified form of whole life insurance. Part of the premium buys insurance coverage that will be paid if the insured dies. The rest of the premium is invested in high yield securities that are intended to increase the policy's cash value more rapidly than that of a traditional whole life policy.
A flexible premium policy that combines protection against premature death with a type of savings vehicle, known as a cash value account, that typically earns a money market rate of interest. Death benefits can be changed during the life of the policy within limits, generally subject to a medical examination. ...
In many ways this policy looks like a whole life policy, but it is more flexible. It combines a term insurance with an investment program that pays a return based on market rates of interest. After making a required initial premium payments, the insured can make future payments at any time and in any amount. With this flexibility, the insured can design how much of the payment should apply to the insurance part of the policy and how much to the cash value. ...
Type of life insurance that combines the low cost coverage of term life insurance with a tax-deferred savings account that invests in money-markets. Without incurring additional sales charges, this type of policy allows the holder to increase or decrease coverage or to shift a specific amount of premiums into the savings account.
A type of participating whole life insurance policy.
This kind of insurance provides coverage throughout your entire life and builds up savings over time. You can use the interest from your savings to help pay your premiums.
Universal life insurance is permanent life insurance with premiums that are not guaranteed. To a certain degree one can “design” a premium on this type of policy. Universal life insurance often can be set up with a lower premium initially than whole life insurance. Premiums and values are based on projections of assumed interest rates, the cost of insurance (also known as mortality cost) and the insurance company’s expenses.
A flexible life insurance contract that clearly separates its insurance, investment, and expense elements.
A type of whole life policy that allows the customer flexibility in choosing and changing terms of the policy.
Universal Life (UL) (often called VUL, or Variable universal life insurance) is a type of life insurance based on an account value. That is, an account is established with the insurer, which is credited each month with interest, and debited each month by a cost of insurance (COI) charge. The interest credited the account is determined by the insurer; often it is pegged to a financial index.
posted by your Insurance @ 9:41 AM,
Life Insurance
Life insurance, sometimes referred to as life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.
An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.
Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.
Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life.
Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities.
An alternative phrase used to describe Life Assurance (see Assurance described above).
A contract under which a company agrees to pay a stated amount to the beneficiary or beneficiaries named by the insured. Pure or term insurance provides a death benefit but has no current value. Ordinary life insurance and the many variations thereof provide a build-up of current value as well as a death benefit. Credit life insurance covers the balance due upon a loan if it remains outstanding when death occurs.
If the donor makes the Foundation the owner of the policy, the value of the gift will be approximately the policy's cash surrender value as provided by the insurance policy. If the gift is not paid at the time of the donation, you may make additional contributions each year of the premiums and the WVU Foundation will handle the payment to keep the policy in force.
Term life insurance is provided in an amount equal to the annual stipend rounded to the nearest high thousand.
An insurance policy under which a sum of money is paid if the insured dies while the policy is in effect.
Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.
A product which provides protection against the economic loss caused by a person's death. The protection is made possible by spreading the cost of the financial loss over a large group of people who are exposed to the same risk.
Life insurance for which the premium remains the same from year to year.
Insurance that pays out when the person covered by the policy dies, a lump sum payment.
insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of the insurance. Md. Insurance Code Ann. § 1-101
A contract in which an insurance company promises to pay a death benefit in the event the person insured under the policy dies. Protects against economic loss in the event of death.
insurance providing for the payment of benefits upon the death, whether by accident or otherwise, of the life insured.
Life Insurance is insurance that provides a financial remuneration on the premature death of the policy holder. By paying an agreed premium over a fixed term, the policy holder is entitled to receive a financial payout in the event that they die prior to the end date of the fixed term.
Any insurance relating to a risk depending on human life. This includes contracts providing payment on the insured person's death, endowments providing payment either on survival to a specified date or on earlier death and annuities which are paid throughout the annuitant's lifetime but cease on death.
A total sum is paid independents when the named policy holder dies.
insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
Life insurance is a type of insurance. As in all insurance, the insured transfers a risk to the insurer, receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk of death of the insured.
posted by your Insurance @ 3:18 AM,
Life Insurance
Life insurance, sometimes referred to as life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.
An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.
Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.
Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life.
Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities.
An alternative phrase used to describe Life Assurance (see Assurance described above).
A contract under which a company agrees to pay a stated amount to the beneficiary or beneficiaries named by the insured. Pure or term insurance provides a death benefit but has no current value. Ordinary life insurance and the many variations thereof provide a build-up of current value as well as a death benefit. Credit life insurance covers the balance due upon a loan if it remains outstanding when death occurs.
If the donor makes the Foundation the owner of the policy, the value of the gift will be approximately the policy's cash surrender value as provided by the insurance policy. If the gift is not paid at the time of the donation, you may make additional contributions each year of the premiums and the WVU Foundation will handle the payment to keep the policy in force.
Term life insurance is provided in an amount equal to the annual stipend rounded to the nearest high thousand.
An insurance policy under which a sum of money is paid if the insured dies while the policy is in effect.
Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.
A product which provides protection against the economic loss caused by a person's death. The protection is made possible by spreading the cost of the financial loss over a large group of people who are exposed to the same risk.
Life insurance for which the premium remains the same from year to year.
Insurance that pays out when the person covered by the policy dies, a lump sum payment.
insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of the insurance. Md. Insurance Code Ann. § 1-101
A contract in which an insurance company promises to pay a death benefit in the event the person insured under the policy dies. Protects against economic loss in the event of death.
insurance providing for the payment of benefits upon the death, whether by accident or otherwise, of the life insured.
Life Insurance is insurance that provides a financial remuneration on the premature death of the policy holder. By paying an agreed premium over a fixed term, the policy holder is entitled to receive a financial payout in the event that they die prior to the end date of the fixed term.
Any insurance relating to a risk depending on human life. This includes contracts providing payment on the insured person's death, endowments providing payment either on survival to a specified date or on earlier death and annuities which are paid throughout the annuitant's lifetime but cease on death.
A total sum is paid independents when the named policy holder dies.
insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
Life insurance is a type of insurance. As in all insurance, the insured transfers a risk to the insurer, receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk of death of the insured.
posted by your Insurance @ 3:14 AM,
Fair market flood insurance
An insurance policy that covers damage to your home due to flooding. If the home you are buying is in an area prone to flooding, then you may be required by your home loan provider to get flood insurance. To establish whether your home is in such an area, a land survey must be done-at the expense of the person selling the home. The lender must give notice that the property is in a flood zone at least 10 days prior to closing.
posted by your Insurance @ 3:13 AM,
National flood insurance act
A federal law establishing a program to provide flood insurance to homeowners whose houses are located in specially designated flood hazard areas. This program is administered by the Federal Insurance Administration.
posted by your Insurance @ 3:13 AM,
Flood insurance rate maps
Paper maps issued by FEMA that identify areas of 100-year flood hazard in communities based on detailed or approximate analyses. All the digital data needed to create paper FIRM maps is available in electronic format from Digital Flood Insurance Rate Maps (DFIRM).
posted by your Insurance @ 3:12 AM,
Flood insurance study
Under the National Flood Insurance Program, an examination, evaluation, and determination of flood hazards and, if appropriate, corresponding water surface elevations, or an examination, evaluation, and determination of mudslide (ie, mudflow) and/or flood-related erosion hazards in a community or communities. (Note: The National Flood Insurance Program regulations refer to Flood Insurance Studies as "flood elevation studies.")
A study done by engineers to determine the level of risk citizens in a certain area have with respect to the dangers of flooding. The end result of a FIS is flood insurance rate maps that are used to determine the cost and requirements for the purchase of flood insurance.
A report by the FIA for a community in conjunction with the community’s FIRM. The study contains such background data as the base flood discharges and water surface elevations that were used to prepare the FIRM. In most cases, a community FIRM with detailed mapping will have corresponding flooding insurance study.
posted by your Insurance @ 3:11 AM,
National flood insurance program
Federal program created by Congress in 1968 that makes flood insurance available in communities that enact and enforce satisfactory floodplain management regulations.
A federal program through which per-sons with property located in predefined flood plains can obtain flood coverage. See Flood insurance.
Coverage against flooding for personal and business property under the National Flood Insurance Act of 1968, provided by a partnership of private insurers and the government.Top
The Federal regulatory program under which flood-prone areas are identified and flood insurance is made available to residents of participating communities.
The NFIP is a program that is part of FEMA that was developed to provide information about the risks of flooding and allow citizens to purchase flood insurance to protect them from the financial risks of flooding.
(NFIP) Federal program providing flood insurance for fixed property. Under a "dual" program coverage may be written directly by the NFIP or by insurance carriers whose losses may be reimbursed by the NFIP.
posted by your Insurance @ 3:10 AM,
digital flood insurance rate map -dlg
This product is created by extracting the flood risk thematic data from the DFIRM. The format of this product is the US Geological Survey Digital Line Graph Level 3 Optional format, as described in the FEMA specifications for digital FIRMs. The DFIRM-DLG does not include base map information, nor does it include graphic data required to create a hardcopy FIRM.
posted by your Insurance @ 3:09 AM,
Preliminary flood insurance rate map
Term given to the new FIRMs that are being created by TSARP, so as to distinguish them from the current FIRMs, as the Preliminary FIRMs are reviewed during the appeals process. At the conclusion of the appeals process the Preliminary FIRMs will become the official FIRM for Harris County.
posted by your Insurance @ 3:09 AM,
Flood insurance rate map
An official map of a community, on which the FIA has delineated both the SFHA’s and the risk premium zones applicable to the community. Most FIRM’s include detailed floodplain mapping for some or all of a community’s floodplains. In most cases, the date of the first FIRM issued to a community is the date the community entered the Regular Program of the National Flood Insurance Program.
A map developed by the National Flood Insurance Program showing base flood elevations, risk zones, and floodplain boundaries; used in determining flood insurance premiums.
A map on which the 100- and 500-year floodplains, BFEs, and risk premium zones are delineated to enable insurance agents to issue accurate flood insurance policies to homeowners in communities participating in the NFIP.
Provided by FEMA (Federal Emergency Management Agency), this map delineates base flood elevations and flood risk zones, and is used for rating purposes for flood insurance.
A FIRM is a FEMA map that shows areas that have the highest probability for flooding. These maps are used to determine if flood insurance is required and what its cost will be to the buyer. More detailed information about FIRMs can be found at
A standard map series produced by FEMA.
FEMA issued maps that show special flood hazard areas, including the 100-year floodplain. FIRMs also show flood insurance risk zones and other flood-related information applicable to a community.
A map that shows areas that will be inundated at the level of the 100-year and 500-year floods. Used by insurance companies to issue accurate flood insurance policies and assure that the buyer is charged premiums proportional to the risk of flooding.
posted by your Insurance @ 3:07 AM,
Flood insurance
insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.
Insurance required for properties in federally designated flood areas.
Coverage against damage caused by the rising or overflowing of bodies of water. This is available through a national insurance program and must be bought separately.
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy.
Insurance indemnifying against loss by flood damage, required by lenders in areas designated (federally) as potential flood areas.
A form of insurance designed to reimburse property owners from loss due to the defined peril of flood. Usually sold in connection with a government Flood Insurance plan.
A policy of insurance that specifically covers damage due to flood waters, required in designated flood areas.
Flood insurance, like earthquake coverage, is usually only of interest to those relatively few whose property is exposed. Consequently, losses among this small group will be high and premiums can be prohibitive. However, in 1968 the Federal government stepped in to help property owners in designated "flood plains" with the National Flood Insurance Act of 1968. Coverage is not only available, but may even be required to obtain financing for exposed properties.
Insurance that compensates against loss by flood damage. Typically not included in standard hazard insurance.
A private or government-sponsored policy covering home repair and the replacement of personal property damaged by a flood. Normally not included in basic homeowner's policies.
Insurance coverage provided under the National Flood Insurance Program.
An insurance policy that covers property damage due to natural flooding. Flood insurance may be required on properties in a flood zone.
Coverage against loss resulting from flood. This coverage is available separately from your homeowners policy through a program developed by private industry and the federal government.
A policy required by a lender if a buyer's house is located in a flood zone.
A type of real property coverage to protect against losses arising from floods; required for real property located in "Designated Flood Hazard Areas" as designated by governmental agencies; used for the security of loans.
Insurance that may be required by the lender if a property is in a federally designated flood area
Insurance to cover damages to your home, or belongings in your home, caused by flooding, that can be purchased through your local insurance agent.
Insurance that protects a property owner from damages resulting from flooding. Due to the high cost of flood insurance when written through a private insurance company, Congress enacted the National Flood Insurance Program in 1968. 'Me intent of this legislation was to provide insurance coverage for those people suffering both real and personal property losses as a result of floods. Due to the lack of public interest in the program, Congress enacted the Flood Disaster Protection Act in 1975.
For properties being purchased in federally designated flood areas, flood insurance is required. (top)
coverage for damage caused by the overflowing bodies of water.
Flooding is not covered by a standard homeowners insurance policy, but can be bought from an insurance agent/company under contract with the Federal Insurance Administration (FIA), part of the Federal Emergency Management Agency (FEMA). Flood insurance is available provided the applicant's community participates in the National Flood Insurance Program (NFIP). Forfeitable Benefits: The portion of a participant’s benefits under a plan which are not yet vested. ...
Required in designated areas on all types of building. If the lowest part of the building is located above 100-year flood mark, the borrower may be exempted from the flood insurance requirement.
Insurance that protects a homeowner from the cost of damages to a property due to flooding or high water. It is required by law that properties located in areas prone to flooding have flood insurance. The federal government determines whether an area is prone to flooding and considered to be in a flood plain.
Flood insurance is required on all properties located in Special Flood Hazard Zones. Flood certifications will indicate whether the property lies within an area so designated. Flood insurance, if required, will be escrowed for and paid on the borrowers behalf by the lender as part of servicing the loan.
posted by your Insurance @ 3:06 AM,
Lenders’ mortgage insurance
This insurance protects the lender should the borrower default and the property is sold for less than the outstanding amount on the loan. The borrower remains liable to the mortgage insurer for the amount it has to pay the lender.
posted by your Insurance @ 3:05 AM,
Private mortgage insurance pmi
is insurance which protects a lender against loss if a borrower defaults on the loan.
posted by your Insurance @ 3:04 AM,
Job loss mortgage insurance
This is insurance that will cover your premiums in the event that you involuntarily loose your job. This is a fairly new type of insurance but it can add additional comfort to your family if you are concerned about your employment.
posted by your Insurance @ 3:03 AM,
Mortgage insurance certificate
Certificate issued by HUD/FHA as evidence that a mortgage has been insured, and that a contract of mortgage insurance exists between HUD/FHA and the lender incorporating the HUD/FHA regulations identified in the certificate.
posted by your Insurance @ 3:03 AM,
pmi private mortgage insurance
Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value.
Required on Fannie Mae/Freddie Mac, FHA/VA products where LTV exceeds 80%.
posted by your Insurance @ 3:02 AM,
Lenders mortgage insurance
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LVR of 80.01% or higher. (see press release article)
Lenders Mortgage Insurance (LMI), also known as Private Mortgage Insurance (PMI), is insurance payable to a lender when taking out a mortgage. It is an insurance in the case that the mortgagor is not able to repay the loan, and the lender is not able to recover its costs after foreclosing the loan and selling the mortgaged property.
posted by your Insurance @ 3:01 AM,
fha mortgage insurance
Requires a fee paid at closing or a portions of this feed added to each monthly payment of an FHA loan to insure the loan with FHA
Requires a fee (up to 2.25 percent of the loan amount) paid at closing to insure the loan with FHA. In addition, FHA mortgage insurance requires an annual fee of up to 0.5 percent of the current loan amount, paid in monthly installments. The lower the down payment, the more years the fee must be paid.
The Federal Housing Administration, a government agency, provides insurance on some types of mortgage loans. An FHA-insured loan also allows you to buy a house with a low down payment, ranging from 3%-5% depending on the price of the home. The buyer pays a one-time fee of 3.8% of the loan amount for the mortgage insurance premium at closing time, and there is an additional annual fee for low down
posted by your Insurance @ 3:00 AM,
Mortgage insurance premium
The fee paid by a borrower to FHA or a private insurer for mortgage insurance.
a monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.
The payment made by a borrower to the lender for transmittal to HUD. These payments help defray the cost of the FHA mortgage insurance program and provide a reserve fund to protect lenders against loss in insured mortgage transactions. In FHA insured mortgages, this represents an annual rate of one-half of 1 percent paid by the borrower on a monthly basis.
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.
Insurance purchased by borrower to insure against default on government (FHA or VA) loans.
Insurance from FHA to the lender against incurring a loss on account of the borrower's default.
The charge paid by the borrower to cover the cost of a mortgage insurance policy under an FI-L4 insured mortgage. The insurance policy provides protection for all or a certain percentage of the loan amount to the lender in case of default by the borrower. Historically the premium was paid each month as part of the mortgage payment; but, in recent years it has been paid either in cash at closing or financed and repaid as part of the total amount borrowed. Back to top -- View Real Estate Listings
The mortgage insurance required on FHA loans for the life of said loans; MIP can either be paid in cash at closing or financed in its entirety in the loan. The premium varies depending on the method of payment.
The consideration paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance (PMI) company. This insurance protects the investor from possible loss in the event of a borrower's default on a loan.
Money paid by the borrower in an FHA loan and used to insure the loan.
Mortgage insurance protects the lender from loss due to payment default by the borrower. With this insurance protection, the lender is willing to make a larger loan, thus reducing downpayment requirements. This type of insurance should not be confused with mortgage life, credit life or disability insurance designed to pay off a mortgage in the event of physical disability or death of the borrower. ...
Payment made to HUD on an FHA loan. These monies provide a reserve fund to protect the lenders against loss. Paid monthly, and calculated as, .5% multiplied by the loan amount and divided by 12-months.
fsbofirstaid.com/pages/Glossary.aspx
A charge paid by the borrower (usually as part of the closing costs) to obtain financing, especially when making a down payment of less than 20 percent of the purchase price, for example on an FHA-insured loan.
The premium paid by a borrower either to FHA (FHA/VA loans) or to a private company for non-government insured loans.
FHA insures lenders against loss on FHA loans. The premium can be paid up front or financed as part of the loan.
The insurance issued by a government agency such as the FHA
A contract that guarantees the lender against loss caused by the mortgagor's default on a government or conventional loan.
posted by your Insurance @ 2:54 AM,
Private mortgage insurance pmi
is insurance which protects a lender against loss if a borrower defaults on the loan.
posted by your Insurance @ 2:53 AM,
pmi or private mortgage insurance
Required on Fannie Mae/Freddie Mac, FHA/VA products where LTV exceeds 80%.
posted by your Insurance @ 2:50 AM,
Private mortgage insurance or pmi
Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios (generally in excess of 80%). The borrower pays the premiums.
posted by your Insurance @ 2:47 AM,
pmi private mortgage insurance
Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value.
Required on Fannie Mae/Freddie Mac, FHA/VA products where LTV exceeds 80%.
posted by your Insurance @ 2:45 AM,
Private mortgage insurance
Insurance to protect the lender in case the borrower defaults on his/her loan.
Mortgage insurance that protects lenders from a loss if the buyer defaults.
Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
Insurance provided by a private company helping to protect the mortgage lender against mortgage default. Generally, this insurance is required by the lender when the down payment is less than 20'% of the properly value. The tender requires the borrower to pay the insurance premiums.
In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment - as low as 5 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on you loan's structure.
protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.
Insurance provided by a non-governmental insurer that protects lenders against a loss if a borrower defaults. Usually required on all loans with an "LTV" of more than 80%.
Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
Monthly insurance cost which borrowers must pay on loans which exceed 80% of the home’s value
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
This is insurance that protects a mortgage lender against default on a loan. Generally, if the down payment on a mortgage loan is less than 20%, private mortgage insurance is required.
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults.
May be required by your Lender if the loan you apply for cannot be granted because the loan does not meet the normal standards for the Lender. The most common reason for this requirement is a smaller down payment than the Lender usually requires which is around 20%. This insurance protects the Lender from loss if the Borrower defaults. It does not protect the Borrower, though it may allow the Borrower to qualify for a loan they could not otherwise get. ...
Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios, generally in excess of 80%. The borrower pays the premiums.
Required on virtually all conventional loans with less than 20% downpayment. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.
An insurance policy the borrower buys to protect the lender from non-payment of the loan. Private mortgage insurance policies are usually required if you make a down payment that is below 20% of the appraised value of the home.
Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.
Protection for lenders against borrower default. Paid for by the borrower and usually required when the down payment is less than 20% of the purchase price.
Insurance written by a private company protecting the mortgage lender against a financial loss in the event of mortgage default by the borrower for loans with high LTV ratios. PMI is generally required of a borrower whose down payment is less than 20% of the total loan.
A type of insurance which protects the lender in the event the borrower defaults on the loan. PMI is generally required where a borrower is unable to produce a down payment equal to at least 20% of the total purchase price. The premium for PMI is paid by the borrower and is included in each monthly mortgage payment.
(PMI): Insurance the buyer carries to guarantee that the lender is paid off if the buyer defaults (fails to pay) on a mortgage. This is different from homeowner's insurance. It is generally required for all mortgages with less than a twenty percent down payment. The exact amount depends on the amount of the loan and the size of the down payment.
Insurance guaranteeing the payment of a loan. This type of mortgage insurance is normally charged when the loan exceeds 80% of the property value.
Insurance written by a private company protecting the lender against financial loss if the borrower defaults on the mortgage.
A form of insurance required by a lender when the borrower's down payment or home equity percentage is less than 20 percent of the home value. This insurance partially protects the lender if the borrower defaults on the loan.
PMI is Private Mortgage Insurance. It is generally required in the U.S. for home loans which are greater than 80% of the purchase price of the home. PMI can be avoided by receiving an alternate form of housing such as an 80/20.
posted by your Insurance @ 2:41 AM,
Mortgage insurance
In Life and Health Insurance, a policy covering a mortgagor from which the benefits are intended (1) to pay off the balance due on a mortgage upon the death of the insured, or (2) to meet the payments on a mortgage as they fall due in the case of his death or disability. Also called Mortgage Redemption Insurance.
Insurance purchased to protect the lender against loss from the borrower being unable to make payments on the mortgage loan
A policy that allows mortgage lenders to recover part of their financial losses if a borrower fails to fully re-pay a loan. Mortgage insurance makes it possible to buy a home with as little as 5% down.
Insurance for the lender in the event that the borrower defaults on the loan. The cost for mortgage insurance is usually built into the monthly payment made to the lender, and is typically required when the loan has an LTV of 80% or greater (when the down payment is less than 20% of the home's value). This can also be called private mortgage insurance for conventional loans, because a private institution rather than the federal government backs them.
Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. ...
Life insurance on the borrower which will pay the mortgage loan off in the event of the borrower’s demise.
a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.
An insurance plan that protects the lender if the borrower does not repay a loan. Mortgage insurance is required when a home buyer makes less than a 20% down payment at the time of purchase. Private mortgage insurance (PMI) covers conventional (fixed-year, fixed-rate) loans. The Federal Housing Administration charges a mortgage insurance premium (MIP) on FHA loans.
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
Insurance designed to cover the lender should the borrower default on the loan. Depending on the mortgage, this may be required by the lender.
Insurance purchased by the borrower to insure the lender or the government against loss should you default. MIP, or Mortgage Insurance Premium, is paid on government-insured loans (FHA or VA loans) regardless of your LTV (loan-to-value). Should you pay off a government-insured loan in advance of maturity, you may be entitled to a small refund of MIP. PMI, or Private Mortgage Insurance, is paid on those loans which are not government-insured and whose LTV is greater than 80%. ...
Money paid to insure the mortgage when the down payment is less than 20 percent. See private mortgage insurance,
A policy that insures the lender against the borrower defaulting on a loan. Most lenders generally require insurance when borrowing more than 80% of the property value. The premium is paid by the borrower.
Insurance that protects mortgage lenders against loss in the event of default by the borrower. This allows lenders to make loans with lower down payments. The federal government offers MI through HUD/FHA; private entities offer MI for conventional loans.
A policy that provides protection for the lender in case of default and or which guarantees repayment of the loan if the borrower becomes disabled or dies.
A contract that insures the lender against loss caused by a mortgagor's default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover a percentage of or virtually all of the mortgage loan. See private mortgage insurance.
A policy of insurance which promises to pay out the amount owing in the event that the borrower defaults.
Insurance that protects lenders against loss if a borrower defaults. This is required when the loan-to-value ratio is greater than 80 percent.
Insurance required for loans with a loan above 80.01%.
A type of insurance charged by most lenders to offset the risk of your loan when your down payment is less than 20% of the value of the home.
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.
Insurance required if your down payment is less than 20 percent. You pay a fee for this insurance, which protects the lender should you default on house payments.
Distinct from mortgage life insurance or home, property, fire and casualty insurance; mortgage insurance provides protection to the lender in the event of a default by the borrower.
Government-backed or private-backed insurance protecting the lender against the borrower's default on high-ratio (and other types of) mortgages.
in some cases lenders may require you to purchase an insurance police that will protect them in the event that the borrower defaults on it's loan. You might want to compare your mortgage insurance with a high quality term life insurance.
Types of Mortgage Insurance
Private mortgage insurance
Mortgage insurance premium
fha mortgage insurance
Lenders mortgage insurance
pmi private mortgage insurance
Mortgage insurance certificate
Job loss mortgage insurance
pmi or private mortgage insurance
Private mortgage insurance pmi
lenders’ mortgage insurance
posted by your Insurance @ 2:37 AM,
Private mortgage insurance pmi
Is insurance which protects a lender against loss if a borrower defaults on the loan.
posted by your Insurance @ 2:36 AM,
pmi or private mortgage insurance
Required on Fannie Mae/Freddie Mac, FHA/VA products where LTV exceeds 80%.
posted by your Insurance @ 2:35 AM,
Private mortgage insurance or pmi insurance
Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios (generally in excess of 80%). The borrower pays the premiums.
posted by your Insurance @ 2:34 AM,
private mortgage insurance or pmi
Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios (generally in excess of 80%). The borrower pays the premiums.
posted by your Insurance @ 2:34 AM,
pmi private mortgage insurance
Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value.
Required on Fannie Mae/Freddie Mac, FHA/VA products where LTV exceeds 80%.
posted by your Insurance @ 2:33 AM,
Private mortgage insurance
Insurance to protect the lender in case the borrower defaults on his/her loan.
Mortgage insurance that protects lenders from a loss if the buyer defaults.
Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
Insurance provided by a private company helping to protect the mortgage lender against mortgage default. Generally, this insurance is required by the lender when the down payment is less than 20'% of the properly value. The tender requires the borrower to pay the insurance premiums.
In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment - as low as 5 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on you loan's structure.
protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.
Insurance provided by a non-governmental insurer that protects lenders against a loss if a borrower defaults. Usually required on all loans with an "LTV" of more than 80%.
Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
Monthly insurance cost which borrowers must pay on loans which exceed 80% of the home’s value
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
This is insurance that protects a mortgage lender against default on a loan. Generally, if the down payment on a mortgage loan is less than 20%, private mortgage insurance is required.
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults.
May be required by your Lender if the loan you apply for cannot be granted because the loan does not meet the normal standards for the Lender. The most common reason for this requirement is a smaller down payment than the Lender usually requires which is around 20%. This insurance protects the Lender from loss if the Borrower defaults. It does not protect the Borrower, though it may allow the Borrower to qualify for a loan they could not otherwise get. ...
Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios, generally in excess of 80%. The borrower pays the premiums.
Required on virtually all conventional loans with less than 20% downpayment. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.
An insurance policy the borrower buys to protect the lender from non-payment of the loan. Private mortgage insurance policies are usually required if you make a down payment that is below 20% of the appraised value of the home.
Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.
Protection for lenders against borrower default. Paid for by the borrower and usually required when the down payment is less than 20% of the purchase price.
Insurance written by a private company protecting the mortgage lender against a financial loss in the event of mortgage default by the borrower for loans with high LTV ratios. PMI is generally required of a borrower whose down payment is less than 20% of the total loan.
A type of insurance which protects the lender in the event the borrower defaults on the loan. PMI is generally required where a borrower is unable to produce a down payment equal to at least 20% of the total purchase price. The premium for PMI is paid by the borrower and is included in each monthly mortgage payment.
(PMI): Insurance the buyer carries to guarantee that the lender is paid off if the buyer defaults (fails to pay) on a mortgage. This is different from homeowner's insurance. It is generally required for all mortgages with less than a twenty percent down payment. The exact amount depends on the amount of the loan and the size of the down payment.
Insurance guaranteeing the payment of a loan. This type of mortgage insurance is normally charged when the loan exceeds 80% of the property value.
Insurance written by a private company protecting the lender against financial loss if the borrower defaults on the mortgage.
A form of insurance required by a lender when the borrower's down payment or home equity percentage is less than 20 percent of the home value. This insurance partially protects the lender if the borrower defaults on the loan.
PMI is Private Mortgage Insurance. It is generally required in the U.S. for home loans which are greater than 80% of the purchase price of the home. PMI can be avoided by receiving an alternate form of housing such as an 80/20.
Types of Private mortgage insurance
pmi private mortgage insurance
Private mortgage insurance or pmi
Private mortgage insurance or pmi insurance
pmi or private mortgage insurance
Private mortgage insurance pmi
posted by your Insurance @ 2:27 AM,
Hazard insurance
Insurance that protects the homeowner and lender against damage to home or property due to fire, wind, vandalism or other hazards.
A policy that protects the insured against loss due to fire or certain natural disasters in exchange for a premium paid to the insurer. Also known as Home Owner’s Insurance or fire insurance.
Protects against damage caused to property by fire, windstorm, and other common hazards.
A contract whereby an insurer, for a premium, undertakes to compensate the insured for loss on a specific property due to certain hazards.
Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.
Insurance to protect the homeowner and the lender against physical damage to a property from fire, wind, vandalism and other hazards. Homeowner's insurance: An insurance policy that combines liability coverage and hazard insurance. Homeowner's warranty: A type of insurance that covers repairs to specified parts of a house for a specific period of time.
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like. Housing Expenses-to-Income Ratio The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her gross monthly income. See debt-to-income ratio.
A contract between purchaser and an insurer, to compensate the insured for loss of property due to hazards (fire, hail damage, etc.), for a premium.
The homeowner's insurance policy.
Insurance to protect the homeowner and the lender against physical damage to a property from fire, wind, vandalism, or other hazards.
Insurance required showing lender as loss payee covering certain risks on real and personal property used for securing loans.
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.
Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. Buyer often adds liability insurance and extended coverage for personal property.
Protection against damage caused by fire, windstorm or other common hazards. Many lenders require it in amount at least equal to the mortgage.
A type of insurance designed to cover damage caused by a peril specified in the policy of insurance (ie fire, flood, etc.).
Homeowner's insurance or fire insurance, hazard insurance covers physical risks such as those from fire or wind. Usually required by lenders for the full replacement value.
Insurance for a building while it is under construction.
A broad form of casualty insurance coverage for real estate that includes protection against loss from fire, certain natural causes, vandalism and malicious mischief.
A type of insurance that protects the property insured against specified losses such as fire, tornadoes, earthquakes, etc. Often, mortgage lenders require borrowers to maintain an amount of hazard insurance on the mortgaged property that is equal to the amount of the mortgage loan.
A type of insurance that protects the policyholder against property damages caused by fire or a severe storm.
A contract that pays for loss on a home from certain hazards such as fire.
An insurance policy that covers losses due to fires, windstorms, etc. This type of policy is commonly referred to as a homeowner’s policy.
Insurance coverage that compensates for physical damage by fire, wind, or other natural disasters to the property.
Insurance on a property against damages caused by fire, wind storms, and similar risks.
insurance that provides protection against certain risks such as storms or fires
posted by your Insurance @ 2:23 AM,
Title insurance underwriter
The title insurance underwriter is the entity that authorizes and issues authority for its agents to write title insurance policies. It is the entity that actually insures the property against title defects. Two well known title insurance underwriters are the Attorney’s Title Insurance Fund and Lawyer’s Title Insurance Company. An agent for the underwriter must qualify with the underwriter and meet very strict standards to remain an agent for any particular underwriter.
posted by your Insurance @ 2:22 AM,
Lender's title insurance policy
Insures the lender against losses due to defects or problems not identified by the title search or examination. It is sometimes referred to as the simultaneous issue. The insurance is usually based upon the loan amount.
posted by your Insurance @ 2:21 AM,
Lender’s title insurance
An insurance policy, which protects the interest of the lender against claims, and losses that may arise if the title is unmarketable or defective.
posted by your Insurance @ 2:20 AM,
All-inclusive title insurance
This means that most title insurance charges are included in one price.
posted by your Insurance @ 2:19 AM,
Defective title insurance
A defective title means that there is a problem with the deeds relating to the property. They may be missing, destroyed, lost or simply inadequate. A buyer will not usually buy a property with a defective title unless the seller provides him with an insurance policy to protect him and his lender against any financial loss which could result from the defective title.
posted by your Insurance @ 2:16 AM,
Title insurance binder
A report issued by a title insurance company stating that the condition of title to certain property as of a certain date and also stating conditions which, if satisfied, will cause a policy of title insurance to be issued. Also called a "commitment". (2) A policy of title insurance (used primarily by investors) calling for a reduced rate for future policy if the property is sold within a specified period.
posted by your Insurance @ 2:13 AM,
owners title insurance
A title insurance policy issued to a property owner; it protects the owners equity against hidden title defects.
Protects the financial interests of property owners should any title defects come to light after the property is closed. This policy is for events that have already happened, such as a forged deed somewhere in the chain of title (that is not known about at closing).
posted by your Insurance @ 2:13 AM,
Lender's title insurance policy
An insurance policy, which protects the lender against claims, and losses that may arise if the title is unmarketable or defective.
This coverage protects the lender, not the buyer, and the coverage decreases as the mortgage is paid. This will protect the lender's interest as long as there is a mortgage. An Owner's Title Insurance Policy protects the buyer, and his heirs, up to the full amount of the policy. It is a one-time fee and it is paid at the time of settlement.
An insurance policy covering a lender for the loan amount, whereby the coverage declines in amount as the loan is paid off, to the point where there coverage ends when the loan is paid completely
posted by your Insurance @ 2:11 AM,
