Loan Insurance definition

Loan Insurance. At the request of the Borrower(s), the Lender may at its own discretion also finance the insurance premium of an insurance policy taken by the Borrower from the insurance company of the Borrower’s sole choice, insuring the Borrower(s) against the risks of personal accident, hospitalization, outstanding amount of the Loan and / or critical illness, provided that such insurance policy has been taken out by the Borrower, with specific instruction and authority by the Borrower(s) to such insurance company that in case of any loss reported, the loss will be paid to the Lender by such insurance company. Such insurance premium paid by the Lender on behalf of the Borrower(s) shall be paid added to the principal amount of the Loan. The Borrower(s) shall pay to the Lender the amount towards insurance premium as mentioned above which may be disbursed by the Lender directly to the insurance company and such disbursement shall be deemed to be disbursement to the Borrower(s). All expenses, charges, fees, service tax and other taxes etc., as applicable shall be incurred and paid by the Borrower(s). If the said charges are paid by the Lender on Borrower’s behalf, the Borrower shall reimburse the same to the Lender within 24 (twenty-four) hours of the Lender’s demand. For all related services and other issues, the Borrower will refer to the concerned insurance company and the Lender shall not responsible or liable for the same in any manner whatsoever.”
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Examples of Loan Insurance in a sentence

  • An irrevocable letter of credit containing terms the Construction and Properties Division of the Department of Central Services prescribes, issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation for the benefit of the state, on behalf of the awarding public agency, in an amount equal to five percent (5%) of the bid.

  • Any money advanced to the LRO under the terms of this award must be deposited in a checking account in a bank with Federal Deposit Insurance Corporation (FDIC) or Federal Savings & Loan Insurance Corporation (FSLIC) insurance coverage (whose responsibility has been taken over by FDIC), and the balance exceeding the FDIC or FSLIC coverage must be collaterally secured.

  • Investments may only be made in those financial institutions which are insured by the Federal Deposit Insurance Corporation, the Federal Home Mortgage Association, the Federal Savings and Loan Insurance Corporation, Congressionally authorized mortgage lenders and investments that are federally guaranteed.

  • Deposits New Jersey statutes require that Charter Schools deposit public funds in public depositories located in New Jersey which are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or by any other agency of the United States that insures deposits made in public depositories.

  • Deposits New Jersey statutes require that school districts deposit public funds in public depositories located in New Jersey that are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or by any other agency of the United States that insures deposits made in public depositories.

  • The financial institution so approved by the Court shall be insured either by the Federal Deposit Insurance Corporation (F.D.I.C.) or by the Federal Savings and Loan Insurance Corporation (F.S.L.I.C.) The Court shall continue the case to a specific date for the purpose of having a voucher from the financial institution filed.

  • This section shall not apply until January 1, 1989, with respect to a vari- able contract (as defined in section 817(d)) that (1) provides for the pay- ment of an immediate annuity (as de- fined in section 72(u)(4)); (2) was out- standing on September 12, 1986; and (3) the segregated asset account on which it was based was, on September 12, 1986, wholly invested in deposits insured by the Federal Deposit Insurance Corpora- tion or the Federal Savings and Loan Insurance Corporation.

  • An irrevocable letter of credit containing terms the GRDA prescribes, issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation for the benefit of the GRDA in an amount equal to five percent (5%) of the total Bid including Alternates.

  • Separates the Home Loan Bank Board, including the Federal Savings and Loan Insurance Corporation, from the Housing and Home Finance Agency, and establishes the Board as an independent agency under the new name "Federal Home Loan Bank Board." Authorizes a new public facility loan program and terminates the loan program for public facilities authorized under the Reconstruction Finance Corporation Liquidation Act.

  • Establishes the Federal Savings and Loan Insurance Corporation under the Federal Home Loan Bank Board.

Related to Loan Insurance

  • Other Insurance means insurance available to any covered person that covers a loss to which this policy applies, other than either primary insurance or insurance specifically purchased by you to be excess of the insurance afforded by this policy.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Excess insurance means insurance purchased from an insurance company authorized or admitted in the State of New Jersey or deemed eligible by the Commissioner as a surplus lines insurer or from any other entity authorized to provide said coverage in this state pursuant to law, covering losses in excess of an amount set forth in insurance contracts on a specific occurrence, or per accident or annual aggregate basis.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • Casualty insurance means liability insurance.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Force-Placed Insurance shall have the meaning set forth in Section 4.4.

  • Primary Mortgage Insurance Insurance obtained from a Primary Mortgage Insurer which insures the holder of a Mortgage Note against loss in the event the related Borrower defaults under such Mortgage Note or the related Security Instrument, including all riders and endorsements thereto.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Property Insurance is defined in Section 6.10(a).

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Underlying insurance means the DESIGNATED UNDERLYING POLICY and all insurances affording professional liability insurance coverage to any INSURED hereunder which are considered to be primary to this insurance, including without limitation, any such mandatory insurance coverage afforded any INSURED by any law society or other program, and any such non-mandatory insurances purchased as coverage or primary to (beneath) this POLICY coverage, but in no case shall include any insurance specifically acquired and stated to be in excess of this POLICY. Signed on behalf of Lawyers’ Professional Indemnity CompanyDaniel E. PinningtonDaniel E. PinningtonPresident and Chief Executive Officer Endorsement No . 1pollutIon exClusIonThis POLICY, subject to all its terms and conditions not in conflict with this endorsement, and further to Part III Exclusion (g), shall include the following:This insurance does not apply to:(a) damage arising out of the actual, alleged or threatened discharge, seepage, dispersal, release or escape of pollutants:

  • Insurance Rent the sums described in paragraph 1.1 of Schedule 4; “Insured Risks” the risks of fire (including subterranean fire), lightning, explosion, storm, flood, subsidence, landslip, heave, earthquake, burst or overflowing water pipes, tanks or apparatus, impact by aircraft or other aerial devices and any articles dropped from them, impact by vehicles, terrorism, riot, civil commotion and malicious damage to the extent, in each case, that cover is generally available on normal commercial terms in the UK insurance market at the time the insurance is taken out, and any other risks against which the Landlord reasonably insures from time to time, subject in all cases to any excesses, limitations and exclusions imposed by the insurers;20

  • Type of insurance means coverage afforded under the particular policy that is being placed.

  • Insurance Cover means the aggregate of the maximum sums insured under the insurance taken out by the Contractor pursuant to Article 20, and includes all insurances required to be taken out by the Contractor under Clauses 20.1 and 20.9 but not actually taken, and when used in the context of any act or event, it shall mean the aggregate of the maximum sums insured and payable or deemed to be insured and payable in relation to such act or event;

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Credit property insurance means insurance:

  • Franchise insurance means an individual insurance policy provided through a

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.