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Lenders Holderinduecourse Insurance

Definition of "Lenders holder-in-due-course insurance"

Justin Fausett
  Pearson Smith Realty

Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This coverage has gained new importance as more customers are refusing to repay loans on products with inherent defects.

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