Noncredit property insurance definition

Noncredit property insurance means insurance protecting a borrower against risk or loss regarding personal property that is not used as collateral or security in any consumer credit transaction. For purposes of this chapter, noncredit property insurance includes insurance which is not credit property insurance sold on automobiles covering physical damage or theft of the car, but excluding insurance covering personal liability for use of the car. Noncredit property insurance may be sold to borrowers only as authorized under this chapter.
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Examples of Noncredit property insurance in a sentence

  • Noncredit property insurance may also be purchased by cash, check or credit card so long as the sale of the product meets all applicable requirements of this chapter.

  • WITHDRAWL OF BID AFTER OPENING‌ To withdraw a bid after bid opening, a bidder must satisfy the substantive requirements of § 2.2-4330 of the Code of Virginia.

  • Noncredit property insurance premiums may not be included within the amount financed of a consumer credit transaction that includes consumer loans or consumer credit sales for items other than the purchase of noncredit property insurance.

  • Noncredit property insurance may be sold in consumer credit transactions only when the sole purpose of the transaction is to finance the sale of noncredit prop- erty insurance.

  • Noncredit property insurance premiums may not be included within the amount financed of a consum- er credit transaction that includes consumer loans or consumer credit sales for items other than the pur- chase of noncredit property insurance.

Related to Noncredit property insurance

  • Credit property insurance means insurance:

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Title insurance agent means an agent licensed in the Commonwealth to sell, solicit, or negotiate

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.