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Lien holders will put forced place insurance onto a mortgaged property in cases where the borrower allows the coverage they were required to purchase to lapse. Lapses may be due to non-payment of premium, filing false claims, or other reasons. Forced place insurance will protect the property, the homeowner, and the lien holder. Future mortgage payments will reflect the added cost of the insurance. Forced place insurance is also known as creditor-placed, lender-placed, or collateral protection insurance.
A policy that covers the cost of repairing or replacing plate glass is:
A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as?
What is called when insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the prop...
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The 'Own Damage' cover in a motor insurance policy protects the insured against:
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Which of the following committees recommended the introduction of the Rural Postal Life Insurance?
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Consider the following statement:
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II. On transfer of the vehicle, the ...