Collateral protection insurance definition

Collateral protection insurance means insurance purchased by a
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Collateral protection insurance means a collateral protection insurance policy with respect to the related Financed Vehicle obtained by the Sub-Servicer at the direction of the Obligor.
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Collateral protection insurance means insurance coverage described by Section307.051.
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Examples of Collateral protection insurance in a sentence

  • Collateral protection insurance purchased by the creditor shall be effective: as of the date of the initial credit transaction, if insurance designating the creditor as loss payee or beneficiary protecting against loss or damage to the collateral is not purchased by the debtor; as of the date the required coverage lapsed, if purchased initially but not maintained by the debtor; or at a later date as determined by the creditor.

  • Collateral protection insurance purchased by the creditor28 shall be effective: as of the date of the initial credit transaction, if29 insurance designating the creditor as loss payee or beneficiary30 protecting against loss or damage to the collateral is not purchased31 by the debtor; as of the date the required coverage lapsed, if32 purchased initially but not maintained by the debtor; or at a later33 date as determined by the creditor.34 c.

  • Collateral protection insurance is not residential coverage.16 This definition applies to a limited number of provisions, including ss.

  • Collateral protection insurance may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the Department of Insurance.

  • Collateral protection insurance is insurance purchased by a creditor to protect its interest in secured property when a debtor fails to maintain insurance on the secured property.

  • Collateral protection insurance may be placed with an insurer that is authorized to write insurance in this state or an eligible surplus lines insurer selected by the creditor.

  • Collateral protection insurance may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the division of insurance.

  • Collateral protection insurance differs from most other forms of insurance on real property in that it only protects the value of the collateral for the lender, not the borrower.

  • Collateral protection insurance purchased by the creditor32 shall be effective: as of the date of the initial credit transaction, if33 insurance designating the creditor as loss payee or beneficiary34 protecting against loss or damage to the collateral is not purchased35 by the debtor; as of the date the required coverage lapsed, if36 purchased initially but not maintained by the debtor; or at a later37 date as determined by the creditor.38 c.

  • Collateral protection insurance is not residential coverage.15 This definition applies to a limited number of provisions, including ss.


More Definitions of Collateral protection insurance

Collateral protection insurance means commercial property insurance of which a creditor is the primary beneficiary and policyholder and which protects or covers an interest of the creditor arising out of a credit transaction secured by real or personal property. Initiation of such coverage is triggered by the mortgagor’s failure to maintain insurance coverage as required by the mortgage or other lending document. Collateral protection insurance is not residential coverage. Ss.
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Collateral protection insurance or "CPI" means the physical damage and theft insurance described in Section 4.04(a) of the Sale and Servicing Agreement which may be obtained by the Servicer if the applicable Obligor fails to do so.
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Collateral protection insurance or "CPI" means physical damage insurance acquired by Xxxxx Fargo Auto for Xxxxx Fargo Auto's Auto Finance Customers to cover motor vehicles that served as collateral for Xxxxx Fargo Auto's financing agreements.
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Collateral protection insurance means commercial
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Collateral protection insurance means insurance purchased by a creditor in which the creditor is made the loss payee or beneficiary providing coverage against loss or damage to collateral as a result of fire, theft, damage or other risks that would impair the creditor's interest in the collateral, which insurance is purchased as a result of the debtor's failure to provide evidence of insurance or failure to maintain insurance covering the collateral as required in a credit agreement. "Collateral protection insurance" shall not include (1) insurance to protect the creditor following completion of foreclosure and sale or repossession and sale of the collateral,
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Related to Collateral protection insurance

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.