Lenders Holder-in-due-course Insurance


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

Bob Payne real estate agent
Bob Payne, Real Estate Agent RE/MAX Premier Realty - Villages West

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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