PMI Master Policies Sample Clauses

The PMI Master Policies clause defines the terms and conditions under which private mortgage insurance (PMI) is provided for a group of loans, typically through a single, overarching insurance policy covering multiple borrowers or properties. In practice, this clause outlines the responsibilities of the lender and insurer, the scope of coverage, and the process for filing and managing claims under the master policy. By consolidating insurance coverage, the clause streamlines administration, ensures consistent protection across loans, and mitigates risk for lenders in the event of borrower default.