Lisa is a mortgage underwriter who is analyzing a borrower’s ability to repay a home loan. In addition to the borrower’s income, Lisa is also looking at the type and value of the property financed. All of the following are true regarding Lisa’s property analysis, except the title insurance policy may protect from loss.
In coverage, the insurance policy is a contract among the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In trade for an initial price, called the top rate, the insurer promises to pay for loss as a result of perils protected under the coverage language.
What is called insurance policy?
Insurance is a felony settlement among two events – the insurer and the insured, additionally known as insurance coverage or insurance policy. The insurer gives financial coverage for the losses of the insured that she/he may additionally undergo under positive instances.
What's the advantage of insurance policy?
Insurance policy covers the loss of an man or woman but the social loss cannot be eliminated. If the assets of someone is misplaced via hearth, it may be compensated by using the insurance organization. The loss of goods will continue to be as a social loss. Insurance policy can't eliminate loss but it can lessen the risk to the person.
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