Insurance - Page 8 - Law Dictionary

leasehold insurance

leasehold insurance : insurance against loss to a lessee (as of profits derived from a sublease) because of cancellation of a lease as a result of fire or other specified peril ...

mortgage life and disability insurance

mortgage life and disability insurance term life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. The amount of coverage decreases as the principal balance declines. There are many different terms of coverage determining amounts of payments and when payments begin and end. Source: U.S. Department of Housing and Urban Development ...

multiple-line insurance

multiple-line insurance : an insurance contract that provides coverage against multiple perils (as liability and loss of property) ...

ordinary life insurance

ordinary life insurance see life insurance ...

primary insurance coverage

primary insurance coverage : coverage under an insurance policy in which the insurer is immediately liable upon the happening of a covered event ...

principal, interest, taxes, and insurance (piti)

principal, interest, taxes, and insurance (piti) the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due. Source: U.S. Department of Housing and Urban Development ...

private mortgage insurance

private mortgage insurance : insurance that a lender may require a borrower to purchase to cover losses in the event of default of a residential loan esp. when the borrower is giving the lender a mortgage on property in which the borrower has less than 20 percent equity ...

Insurance - Law Dictionary Search Results