Preauthorized Check System Pac

Definition of "Preauthorized check system (pac)"

Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of policies paid this way is substantially higher than when insureds pay them directly to an insurance company.

Search Real Estate Glossary

Related Real Estate Glossary terms

Limited Liability Company (llc)

Company in which shareholders limit their liability exposure to their percentage of ownership or equ ...

Offer And Acceptance

Submission of the application and the first premium by the prospective insured the "offer" and the i ...

Water Quality Improvement Act Of 1970

1970 federal law that requires shipowners to clean up or pay for the cleanup of waters polluted by d ...

Prescription

Method to obtaining title to property through open, notorious, adverse, and continuous use of the pr ...

Financial Leverage

A portion of a real estate company's assets financed with debt instead of equity. It involves inter ...

Title Insurance

Coverage for losses if a land title is not free and clear of defects that were unknown when the titl ...

Related Real Estate FAQ

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Is A Lease Purchase Mortgage?

A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property ...

What Is A Commitment Letter?

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which ...

How Much Can I Afford ?

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calc ...

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property ...

What Is Depreciation?

Depreciation is a decline in the value of property due to general wear and tear, or is also known as ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

How To Choose A Realtor What do Real Estate Attorneys do? Top Five Reasons Your Home Offer was Rejected Getting Ready to Sell? Don't make these DIY Mistakes! What is the Best Time of Year to Buy a Home?

FAQ

What is an assumable mortgage? What is a closing? What is escrow? What are my coverage options? What is a subprime mortgage?