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      Question

      Funds that a lender collects to pay monthly premiums in

      mortgage and home owners insurance, and sometimes to pay property taxes is called?
      A Affinity sales Correct Answer Incorrect Answer
      B Demutualization Correct Answer Incorrect Answer
      C Escrow Account Correct Answer Incorrect Answer
      D Earned Premium Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Escrow is a legal concept in which a financial instrument or an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The funds or assets are held by the escrow agent until it receives the appropriate instructions or until predetermined contractual obligations have been fulfilled. Money, securities, funds and other assets can all be held in escrow.

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