Hazard Insurance

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Hazard Insurance

A property insurance policy that provides coverage for catastrophic events named in the policy. For example, hazard may cover hurricanes and fires, but not tornadoes. Hazard insurance may not cover even the most common events, especially in high-risk areas. For this reason, some property owners buy named perils policies to supplement hazard insurance.

hazard insurance

A form of property insurance that protects against physical damage to property,such as by fire or tornado.

Hazard Insurance

Insurance purchased by the borrower and required by the lender, to protect the property against loss from fire and other hazards.

Hazard insurance is also known as “homeowner insurance,” and is the second “I” in PITI.

References in periodicals archive ?
The company also operates two hazard insurance service centers in Duluth, Ga.
With nearly three decades of experience in product management in a broad array of insurance-related products for financial institutions, DeLoach has a strong background in the lender-placed auto and hazard insurance markets in which Balboa is among the market leaders -- as well as other key areas such as debt cancellation.
to share secure access to the MortgageServ loan servicing system for the purpose of updating hazard insurance data.
There is a claim for the hazard insurance, which deals with the physical loss to the property itself.
Accurate Automated Hazard Insurance Validation Tool Aids Lenders with Due Diligence, Collateral Risk & Compliance
In August 1991, members of the MBA Technology Committee Hazard Insurance Work Group and members of the ANSI ASC X12 Subcommittee for Mortgage Lending formed a coalition with the ASC X12N Property and Casualty Policy Administration Work Group to develop a proposal.
However, the company's hazard insurance service centers in Santa Ana and Tustin, Calif.
In the case of hazard insurance servicing, this can encompass loan tracking and information processing as well as customer service.
The company also operates similar hazard insurance service centers in Duluth, Ga.
Plaintiff Gerard Laffan ("Plaintiff") alleges, among other things, that when a borrower was required to have hazard insurance pursuant to a residential mortgage, and the borrower failed to provide evidence of acceptable coverage, Santander would obtain lender-placed hazard insurance policies ("LPHI Policies") in a manner that enabled Santander to receive unauthorized benefits from the AMIG Defendants, whose affiliates issued the LPHI Policies.
The General Organization of Social Insurance (GOSI) said that from next year it would halt the vocational hazard insurance coverage for expatriates who leave Saudi Arabia for a holiday.
S ince the modernization of the banking system in the 1960s, mortgage servicers have required borrowers (under the terms of the mortgage) to insure the collateral against any unintended damage by carrying the proper amount of hazard insurance.

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