Question
What is an insurance purchased by a bank or creditor on
an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it?Solution
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.
The percentage of deposits that a bank must keep as cash reserves with itself is known as ____?
The Quit India Movement was launched in which year?Â
UNESCO World Heritage List recently welcomed the historic 'Moidam'. Which Indian state is home to this site?
Which Indian state is known as the "Spice Garden of India"?Â
Where was the 19th G20 Summit held in November 2024?
- In which Indian state are the Cardamom Hills located?
When did Mangal Pandey shoot for the first time at the British officer of the East India Company in Barrackpur?
Which day is observed as World Kindness Day every year?
- With which state is Kathakali dance associated?
Who have been awarded the 2024 Nobel Prize in Chemistry?
