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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Loan Insurance. Unless the Loan includes insurance premiums to be financed or insurance is otherwise purchased by You the Loan is not insured in the event of death, disability or critical illness.
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Loan Insurance means an insurance product under Part 2(b) of the Project, under which the Recipient provides loan service payments to an MFP on behalf of a Female CVF Beneficiary, if and when changes of applicable national and local policy impact the ability of such Female CVF Beneficiary to service a loan provided to it by an MFP, as further set out in the Project Operations Manual.
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Examples of Loan Insurance in a sentence

  • The replacement policy will provide coverage equal to the then remaining coverage of the Loan Insurance Policy if available.

  • The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy.

  • To the extent that revenues exceed the immediate costs of the Project during the Project Operational Phase such funds shall be deposited in an interest-bearing bank account in a commercial bank or a savings and loan association located in the State of New York, and insured by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation (hereinafter the "Operating Reserve Account").

  • In addition, by the Closing Date, the Depositor shall cause the Credit Enhancer to deliver the Policy to the Indenture Trustee for the benefit of the Holders of the Insured Notes and shall cause the Loan Insurance Policy Provider to deliver the Loan Insurance Policy to the Co-Trustee.

  • The Indenture Trustee will, promptly upon receipt, deposit in the Payment Account and retain in it the aggregate amount remitted by the Master Servicer, any Sponsor Loss Coverage Amount paid to it by the Sponsor pursuant to the Sale and Servicing Agreement and any payments under the Loan Insurance Policy received from the Master Servicer pursuant to Section 6.15(c).

  • The Master Servicer shall prepare and submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 6.15(a) of the Indenture to be performed by the Co-Trustee.

  • The Depositor may terminate the Loan Insurance Policy, with the consent of the Credit Enhancer, if the Loan Insurance Policy Provider fails to comply with its obligations under the Item 1114 Agreement that is expected to be entered among the Depositor, CWABS, Inc., CWMBS, Inc., CWALT, Inc., the Sponsor and the Loan Insurance Policy Provider.

  • The Master Servicer will withdraw from the Collection Account, on the due date therefor any other amount owed to the Loan Insurance Policy Provider under the Loan Insurance Policy.

  • However, if the premium cost of a replacement policy exceeds the premium cost of the Loan Insurance Policy then the Master Servicer, at the direction of the Credit Enhancer, will obtain a replacement policy with reduced coverage amount so that the premium cost will not exceed the premium cost of the Loan Insurance Policy.

  • The Bank has full power and authority, corporate and otherwise, to own, operate and lease its properties as presently owned, operated and leased, and to carry on its business as it is now being conducted, the deposits of which are insured to the extent allowed by applicable law by the FDIC under the Bank Insurance Fund or the Savings and Loan Insurance Fund.


More Definitions of Loan Insurance

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
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