Policy document


 

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Policy document

The document which forms the contract between the insured, that is, the person taking out insurance and the insurer (the insurance company).



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Documentary collections

Documentary collections

Trade transactions handled on a draft basis.


Documented discount notes

Documented discount notes

Commercial paper backed by normal bank lines of credit plus a letter of credit from a bank stating that it will pay off the paper at maturity if the borrower defaults. Such paper is also referred to as L.O.C. paper.


Documentary Transfer Tax

Documentary Transfer Tax

The tax, based on sales price, less loans which are being assumed, which is charged by the city and/or county on the transfer of real property.


Title documents

Title documents

The legal documents which provide proof of ownership of a property.


Low documentation loan

Low documentation loan

Mortgages that require only minimal verification of income and assets. Low-start low-cost endowment  Similar to a low cost endowment, the difference being that premiums are lower at the beginning of the loan and then rise in the future. Once again, there are no guarantees. 


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