Florida Statutes 627.987 – Policy forms
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 627.987
- Consolidation: means any transaction in which a financial institution or servicer makes its premium collection services available to its mortgage debtors in connection with a particular insurer's ("new insurer") offer of mortgage insurance, which offer is made to debtors who, immediately prior to the offer, had mortgage insurance with another insurer ("old insurer") and were paying premiums for that insurance with their monthly mortgage payments. See Florida Statutes 627.982
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
No policy or group certificate of mortgage insurance used in connection with any consolidation, and no application, endorsement, or rider which becomes a part of any such policy or certificate, shall be issued or delivered in this state until a copy of the form has been filed with and approved by the office.