Single Interest Insurance
- An insurance policy that only protects a single party when multiple parties have vested interests in property. For example, a lender may take out some form of single interest insurance policy in order to financially protect themselves in case a borrower defaults on their loan.
single party insurance
Related Terms and Acronyms
- Business Insurance — Definition,
- An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
- Business Life Insurance — Definition,
- Life insurance that provides coverage in the event that a person key to the operation of a business dies.
- Entity-Purchase Agreement — Definition,
- A plan used for businesses with multiple owners where insurance policies are taken out for each owner in the amount of their ownership stake.
- Insurable Interest — Definition,
- Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Mortgage Insurance — Definition, Very Important,
➥ CanEquity offers mortgage insurance.
- A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
- Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
- Mortgage Life Insurance — Definition, Very Important,
- Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Stranger Originated Life Insurance (STOLI) — Acronym,
➥ Illegal in many Canadian provinces.
- A life insurance policy purchased by someone without any insurable interests with the insured person.