Loan insurance

In time for the loan, banks offer customers to conclude an insurance agreement. First of all, you need to know that the insurance of risks that are related to the issuance of a loan may be voluntary or compulsory. According to Article 343 of the Civil Code of Russia, risks related to collateral are subject to mandatory insurance. Thus, if you purchase a mortgage loan, where the collateral is the apartment you are buying, or a car loan secured by a car, or any other collateral, then you will have to conclude an insurance agreement without fail. If the collateral is fully insured, the risk of credit costs for the bank is significantly reduced. With all that, insurance provides borrowers with a certain amount of peace of mind: the probability of loss of collateral falls on the insurance company.
If it is unsecured, then insurance is considered a voluntary matter and does not affect the decision of the banking organization on the issuance and conditions of the loan.
What risks are usually covered by insurance? There are three key types of credit insurance, namely: death and disability; disability; dismissal from work.
The first risk is death and disability. Upon receipt of the insured event provided, the insurance company will fully pay the remaining loan debt to the banking institution. Consequently, neither the borrower himself (in a situation of disability) nor his probable heirs (in the episode of the borrower's death) will return the money to the bank.
Loss of disability. In this episode, the insurance company will pay the regular loan payments due to the bank during the time period stipulated in the agreement (usually ninety days). From the moment of resumption of working capacity (or at the end of the insurance period), the obligation to repay the loan again passes to the borrower.
Dismissal from work. This type of insurance operates on the same principle as the previous one, so the insurance company makes payments on the loan for a specified period of time. At the same time, this loss should happen on the initiative of the employer, but not as a non–borrower - in particular, downsizing or liquidation of the enterprise. The insurance situation occurs during the official registration of the borrower as an unemployed person. מאמר זה מובא בחסות HolyMolyCasinos. אם אתם מחפשים את הקזינו הטוב ביותר בישראל ורוצים לקרוא חוות דעת עליהם, אנו מזמינים אתכם לבקר ב קזינו בישראל . באתר שלנו תוכלו למצוא את הקזינו המובילים וביקורות מקצועיות עליהם, מה שיעזור לכם לבחור את חווית ההימור המתאימה ביותר עבורכם.