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MIG Mortgage Indemnity Guarantee |
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MIG Mortgage Indemnity GuaranteeThis is insurance for the lender paid by the consumer in a one-off payment, on 'high' LTV mortgages. This protects the lender in the event that you default on the loan and the sale of the property is not enough to repay the amount that they are owed. Some lenders will insist you pay this if your mortgage is for as low as 75% of the value of the property, but 90% is a more common level. Some lenders will not insist on it regardless of the loan value. You can often add this fee to the loan, but be aware that you will then be paying interest on it until the loan is repaid in full.MIG Mortgage Indemnity Guarantee Similar MatchesIndemnityIndemnityApplies to insurance policies and means the insurer will basically make sure you are no better or worse off in the event of a claim, taking into account wear and tear. Bond of IndemnityBond of IndemnityAn insurance policy that indemnifies the corporation, the shareholder and the Transfer Agent against any and all claims arising from the ../../finance-glossary/ment by the Transfer Agent of certificates lost or stolen. Indemnity insuranceIndemnity insuranceA policy which covers the insured against the loss of an asset. The purpose of the insurance is to place the insured in exactly the same financial state after a loss as he was in before the loss occurred. Indemnity commissionIndemnity commissionWhere a life company pays commission to an agent, the company does so on the proviso it will be entitled to take back some or all of the commission if the policy is cancelled within a given period. Also known as 'clawback'. IndemnityIndemnityAn agreement in which one person is answerable for compensating the losses of another. Indemnities are common features of many commercial contracts where one party is buying goods or a service off another, and wants to be sure that if it will be compensated if the seller has misled it about something.For example, a company that buys a plot of land might require the seller to confirm in the contract that it knows of no environmental liability relating to the land, and will also require an indemnity clause in the contact obliging the seller to make good any losses if it turns out that the land does have some environmental liability.Of course, an indemnity in a contact is only worth something is the person or company giving it has the money to make good the losses. Further Suggestionsdouble indemnitymortgage indemnity Indemnity Guarantee Premium |
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