Sentences with phrase «loan policy insuring»

The owner's policy insures the person or entity that acquired title and the loan policy insures the lender.

Not exact matches

Many banks will also require a borrower to insure an asset being purchased over the course of a loan (with an insurance policy acquired for that purpose), to protect the value of the asset being purchased with the loan proceeds.

This type of insurance policy is used for conventional home loans (that are not insured by the federal government).

Most lenders require buyers to buy a policy to insure the mortgage loan.

This type of insurance policy is used for conventional home loans (that are not insured by the federal government).

But thanks to a policy switch made final last week, charging extra interest payments on loans insured by the Federal Housing Administration will soon be banned.

PMI is a mandatory insurance policy for conventional loans which insures a lender against loss in the event that the homeowner stops making payments on a mortgage loan.

FHA currently insures about 30 percent of US home loans, and its policies have major influence on mortgage lending practices and housing markets.

In its Mortgagee Letter 09 - 52 dated December 16, HUD clarified FHA policy for insuring FHA loans for borrowers who have sold a home through a short sale.

Loans taken will be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse, and is not a MEC.

This voluntary protection product, available from CMFG Life Insurance Company through CEFCU, reduces or pays off your insured loan balance up to the policy maximum should you die before the loan is repaid.

You can access cash value, through loans and withdrawals, potentially free of current income tax as long as the policy stays in force until the Insured's death.

Suicide Clause: A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually two years) the amount payable would be limited to the total premiums paid minus any policy loans or outstanding premiums.

The definition of life insurance death benefit is the amount of money payable to the beneficiary or beneficiaries listed on a life insurance policy upon the death of the insured, minus any policy loans.

Loans taken will be free of current income tax as long as the policy remains in effect until the Insured's death, does not lapse, and is not a Modified Endowment Contract.

These mostly have to do with surrendering the policy while the insured is still alive, the policy lapsing, or when the person being insured takes out a loan against the policy.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or matures, and is not a modified endowment contract.

1 Such loans increase the chance a policy will lapse, reduce the ultimate death benefit, and could result in a tax liability if the insured dies before the loan is repaid.

If the terms of a mortgage loan contract requires a borrower to purchase both a homeowners» insurance policy and a separate hazard insurance policy to insure against loss resulting from hazards not covered under the borrower's homeowners» insurance policy, a servicer must disclose whether it is the borrower's homeowners» insurance policy or the separate hazard insurance policy for which it lacks evidence of coverage to comply with § 1024.37 (c)(2)(v).

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or mature, and is not a modified endowment contract.

If there are any loans against the life policy, then these amounts will reduce the face value of the death benefit when the insured passes away.

But keep in mind that loans from a life insurance policy will reduce the policy's cash value and death benefit, could increase the chance that the policy will lapse, and might result in a tax liability if the policy terminates before the death of the insured.

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

Considering this undertaking, purchasers would not have expected that $ 17.4 billion of their money was being spent to insure «bad loans of international banks» as Diane A. Urquhart said in her March speech «The Canadian asset backed commercial paper crisis, the cause and cure,» to the Canadian Centre for Ethics and Corporate Policy.

Business Development: Brokering various business dealings that further the diversification of Indian economies Developing and accessing commercial financial programs and services for tribal governments, including tax - exempt offerings and federally - guaranteed housing loans Serving as issuer or underwriter's counsel in tribal bond issuances Ensuring tribal compliance with Bank Secrecy Act and other federal financial regulatory requirements Handling federal and state income, excise, B&O, property and other tax matters for tribes and tribal businesses Chartering tribal business enterprises under tribal, state and federal law Registering and protecting tribal trademarks and copyrights Negotiating franchise agreements for restaurants and retail stores on Indian reservations Custom - tailoring construction contracts for tribes and general contractors Helping secure federal SBA 8 (a) and other contracting preferences for Indian - owned businesses Facilitating contractual relations between tribes and tribal casinos, and gaming vendors Building tribal workers» compensation and self - insurance programs Government Relations: Handling state and federal regulatory matters in the areas of tribal gaming, environmental and cultural resources, workers» compensation, taxation, health care and education Negotiating tribal - state gaming compacts and fuel and cigarette compacts, and inter-local land use and law enforcement agreements Advocacy before the Washington State Gambling Commission, Washington Indian Gaming Association and National Indian Gaming Commission Preparing tribal codes and regulations, including tribal court, commercial, gaming, taxation, energy development, environmental and cultural resources protection, labor & employment, and workers» compensation laws Developing employee handbooks, manuals and personnel policies Advocacy in areas of treaty rights, gaming, jurisdiction, taxation, environmental and cultural resource protection Brokering fee - to - trust and related real estate and jurisdictional transactions Litigation & Appellate Services: Handling complex Indian law litigation, including commercial, labor & employment, tax, land use, treaty rights, natural and cultural resource matters Litigating tribal trust mismanagement claims against the United States, and evaluating tribal and individual property claims under the Indian Claims Limitation Act Defending tribes and tribal insureds from tort claims brought against them in tribal, state and federal courts, including defense tenders pursuant to the Federal Tort Claims Act Assisting tribal insureds in insurance coverage negotiations, and litigation Representing individual tribal members in tribal and state civil and criminal proceedings, including BIA prosecutions and Indian probate proceedings Assisting tribal governments with tribal, state and federal court appeals, including the preparation of amicus curiae briefs Our Indian law & gaming attorneys collaborate to publish the quarterly «Indian Legal Advisor ``, designed to provide Indian Country valuable information about legal and political developments affecting tribal rights.

At issue was whether OCGA 33 -32-4 (a) authorizes the insurer to issue a credit life insurance policy which covers the total amount payable over the term of the loan or limits the policy's coverage to the principal amount financed by the insured.

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for IDBI Federal Growth Insurance Plan and Canara HSBC Insure Smart Plan.

When purchasing a policy for a 20 or 30 year term to cover a mortgage or refinance loan, if the insured person does not pass away during that term, the lump sum paid back can be used toward any remaining debt on the mortgage.

The insured can include an Automatic Premium Loan Provision on their policy.

The borrower must be the owner of the policy, but not necessarily the insured, and the policy must remain current for the life of the loan with the owner continuing to pay all necessary premiums.

Suicide Clause: A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually two years) the amount payable would be limited to the total premiums paid minus any policy loans or outstanding premiums.

Once the proper insurance company forms have been completed and recorded by the insurance company, repayment of any outstanding loan can be paid from the policy cash surrender value or death benefit should the insured pass away and the loan becomes past due.

Additional Interest Insured Anti-Theft Device B Bodily Injury Liability Coverage C Comprehensive Coverage > Collision Coverage Continuously Insured D Declarations Page Deductible Discounts Driver Status G Garaging Location L Limits Loan / Lease Payoff Coverage N Named Insured O Occasional Driver P Policy Expiration Date Policy Term Primary Residence Primary Use Principal Driver Property Damage Liability Coverage S Second Named Insured SR - 22 U Uninsured Motorist Coverage Underinsured Motorist Coverage Uninsured Motorist Property Damage Coverage Underinsured Motorist Property Damage Coverage V VIN

It is important to note, however, that even though a withdrawal or a loan is not required to be paid back, if there is an unpaid balance in the cash - value component of the policy at the time of the insured's death, then the amount of that balance will be charged against the death benefit that is paid out to the policy's beneficiary.

Living benefits include policy loans, the right to make collateral assignments, and, in some cases, the right to take benefits in the event of the insured's terminal illness.

Whatever type of policy the policyholder selects, he / she is obliged to pay a monthly premium to the insurer, while the insurer takes an obligation to arrange the loan payments of the insured at times he / she is unable to do it.

(It is important to note, though, that any unpaid loan balance at the time of the insured's death will go against the amount of the death benefit that is paid out to the policy's beneficiary).

If you do have to use student loans to help with tuition, consider buying a term life insurance policy insuring your student for the total amount of the loan.

Any policy ownership rights including future policy loans or policy collateral on a loan are controlled by the beneficiary, not the insured, though the beneficiary can give these rights back to the insured if the beneficiary so chose.

Title Insurance We require an acceptable ALTA Loan Policy (or equivalent in Texas, Florida and California) issued by an approved national title insurer, insuring the Loan as a valid first lien on the security (unless another priority is specified in the loan commitment) without exception other than taxes not yet due and payable and such other exceptions as we apprLoan Policy (or equivalent in Texas, Florida and California) issued by an approved national title insurer, insuring the Loan as a valid first lien on the security (unless another priority is specified in the loan commitment) without exception other than taxes not yet due and payable and such other exceptions as we apprLoan as a valid first lien on the security (unless another priority is specified in the loan commitment) without exception other than taxes not yet due and payable and such other exceptions as we apprloan commitment) without exception other than taxes not yet due and payable and such other exceptions as we approve.

The cash value, minus any outstanding loan balance, will then be distributed as the endowment benefit if the policy is in force and the insured is then living.

If any loans amounts are outstanding — i.e., not yet paid back — upon the insured's death, the insurer subtracts those amounts from the policy's face value / death benefit and pays the remainder to the policy's beneficiary.

4 Distributions from a life insurance policy in the character of partial surrenders (withdrawals) up to basis or policy loans will generally be income tax free, provided the policy does not violate Modified Endowment Contract (MEC) guidelines and the policy is not terminated during the lifetime of the insured.

And the insured can generally access most of the funds anyway, tax - free, via policy withdrawals and loans.

The death benefit is the face amount or coverage amount of the policy that will be paid to the named beneficiary upon death of the insured (less any outstanding policy loans and interest).

These policy loans are available until the insured's death.

Taking a policy loan could have adverse tax consequences if the policy terminates upon lapse or surrender or before the insured's death.

Policy options are available to work with your financial situation, making term life an attractive option to help to cover financial responsibilities that decrease or end over time, like mortgages or student loans, should something happen to the insured.

Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments.

Most insureds choose to take a tax - free loan from the policy instead of the withdrawal.