Terms with Tag Clause

  • Abandonment Clause Definition,
    • A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
  • Acceleration Clause Bank,
    • A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • Alienation Clause Definition,
    • A requirement that the borrower pay the mortgage in full upon transfer of the property.
  • Assumption Clause Definition,
    • A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
  • Cancellation Clause Definition,
    • A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
  • Clear-Space Clause Definition,
    • A clause that requires insured property to be located a minimum distance from surrounding property.
  • Conversion Clause Definition,
    • A provision that may appear in an adjustable-rate loan agreement allowing the loan to be changed to a fixed-interest rate loan, usually for an additional charge.
  • Due-on-sale Clause Bank,
    • A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
  • Incontestability Clause Definition,
    • A clause that places a time limit on how long an insurer has to void a policy due to a policyholder's accidental misstatement in his or her life insurance application.
  • Loss Payable Clause Definition,
    • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
  • Mortgage Acceleration Clause Definition, Important,
    • A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
  • Non-assumption Clause Definition,
    • A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • Non-Forfeiture Clause Definition,
    • A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
  • Pre-Existing Alien Abduction Clause (PEAAC)Acronym,
    • Pre-payment Clause Bank,
      • A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
    • Valuation Clause Definition,
      • A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
    • Water Exclusion Clause Definition,
      • A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
    • Work and Materials Clause Definition,
      • A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.
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