Florida Statutes 627.9904 – Term of insurance policy
Current as of: 2024 | Check for updates
|
Other versions
(1) Collateral protection insurance must become effective no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement or any state or federal law requiring the same.
(2) Individual collateral protection insurance must terminate on the earliest of the following dates:
(a) The date on which insurance acceptable under the mortgage agreement becomes effective, subject to the mortgagor providing sufficient evidence of such acceptable insurance.
Terms Used In Florida Statutes 627.9904
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lapse: means the date on which a mortgagor has failed to comply with a mortgage agreement's requirements to maintain valid and sufficient insurance upon mortgaged real property. See Florida Statutes 627.9903
- Lender: means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property. See Florida Statutes 627.9903
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage agreement: means the written document setting forth an obligation or a liability of any kind secured by a lien on real property and due from, owing by, or incurred by a mortgagor to a lender on account of a mortgage loan, which document includes the security agreement, the deed of trust, other documents of similar effect, and any other document incorporated by reference. See Florida Statutes 627.9903
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Mortgagor: means a person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Florida Statutes 627.9903
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Servicer: means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. See Florida Statutes 627.9903
(b) The date on which the applicable real property no longer serves as collateral for a mortgage loan pursuant to a mortgage agreement.
(c) Such other date as specified by the individual policy or certificate of insurance.
(d) Such other date as specified by the lender or servicer.
(e) The termination date of the policy.
(3) An insurance charge may not be made to a mortgagor for collateral protection insurance before the effective date of the collateral protection insurance or for a term longer than the scheduled term of the collateral protection insurance.