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Key Terms Relateds to Home Insurance
Violation of your terms and conditions agreement; … moreViolation of your terms and conditions agreement; failure to pay your loan / credit card as agreed.
The recurring price of maintaining an insurance po … moreThe recurring price of maintaining an insurance policy, essentially a subscription fee.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
Also known as Private Mortgage Insurance, or just … moreAlso known as Private Mortgage Insurance, or just PMI, mortgage insurance protects lenders against financial losses caused by a borrower's inability to pay off a home loan. Federal law requires mortgage insurance for any home loan with a Loan-to-Value (LTV) ratio above 80% because borrowers who are unable to place a down payment of at least 20% are considered to be especially at risk of default.
While lenders are the ones who benefit from mortgage insurance, they typically require borrowers to fit the bill and factor it into the loan's monthly payment or ask for a lump-sum payment upfront. Borrowers may request that a mortgage insurance plan be cancelled once they've paid off 20% of their home's value, but lenders reserve the right to require it until the borrower reaches 50% equity.
While lenders are the ones who benefit from mortgage insurance, they typically require borrowers to fit the bill and factor it into the loan's monthly payment or ask for a lump-sum payment upfront. Borrowers may request that a mortgage insurance plan be cancelled once they've paid off 20% of their home's value, but lenders reserve the right to require it until the borrower reaches 50% equity.
One party assuming the legal rights of another par … moreOne party assuming the legal rights of another party to collect a debt or damages.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.
The person or people listed on an insurance policy … moreThe person or people listed on an insurance policy declarations page.
The named insured is explicitly covered by the insurance and has the legal rights and obligations under that policy. For example, only someone listed as named insured can make changes to the insurance policy.
The named insured is explicitly covered by the insurance and has the legal rights and obligations under that policy. For example, only someone listed as named insured can make changes to the insurance policy.
The first page (or pages) of an insurance policy t … moreThe first page (or pages) of an insurance policy that defines who is covered, what losses are covered, the term of the policy and other important information about the insurance coverage being provided.