Iowa Code 515C.8 – Policy forms approved
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 515C.8
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
515C.8 Policy forms approved.
All policy forms and endorsements shall be filed with and be subject to the approval of
the commissioner of insurance. With respect to owner-occupied single family dwellings and owner-occupied mobile homes, the mortgage insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency arising from a foreclosure sale.
[C66, 71, 73, 75, 77, 79, 81, §515C.8]
All policy forms and endorsements shall be filed with and be subject to the approval of
the commissioner of insurance. With respect to owner-occupied single family dwellings and owner-occupied mobile homes, the mortgage insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency arising from a foreclosure sale.
[C66, 71, 73, 75, 77, 79, 81, §515C.8]