Florida Statutes 624.6085 – “Collateral protection insurance” defined
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 624.6085
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Personal property: All property that is not real property.
For purposes of ss. 215.555, 627.311, and 627.351, “collateral protection insurance” means commercial property insurance under which a creditor is the primary beneficiary and policyholder and which protects or covers an interest of the creditor arising out of a credit transaction secured by real or personal property. Initiation of such coverage is triggered by the mortgagor‘s failure to maintain insurance coverage as required by the mortgage or other lending document. Collateral protection insurance is not residential coverage.