Unauthorized Insurance

Definition of "Unauthorized insurance"

Insurance policy sold by nonadmitted insurer.

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Related Real Estate Glossary terms

Payment Problems

When a borrower has difficulty making the scheduled payment. Position of the Lender: A good place ...

Brick Cavity Wall

Brick wall where a space or cavity is left between the inner and outer walls and is usually filled w ...

Loan Commitment

Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount o ...

Occurrence

Event that results in bodily injury and/or property damage to a third party. A clause that is common ...

Mesne

In between, intermediate, intervening; passing an interest from a principal to a second party and th ...

Personal Property Floater

Coverage for all personal property, regardless of location of an insured and household residents, in ...

Related Real Estate FAQ

What Is A Mortgage?

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

What Is A Private Mortgage?

Private mortgage insurance is insurance that protects mortgage lenders against default on loans by p ...

What Is A Fixed-rate Mortgage?

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

What Is A Proration?

A proration is the division of certain fees. If the sellers have paid the taxes six months in advanc ...

What Is A CD?

A CD, or Certificate of Deposit, is an investment usually made for a given period of time at a fixed ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the i ...

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What is a commitment letter? What does an appraisal mean? What is accession? What is an assessed value? What is a Multiple Listing Service (MLS)?