Terms Used In Rhode Island General Laws > Chapter 27-6.1 - Lender-Placed Insurance

• Affiliate: means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. See Rhode Island General Laws 27-6.1-3
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• 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.
• 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}
• Insurance producer: means a person or entity (or its affiliates) required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Rhode Island General Laws 27-6.1-3
• Insurer: means an insurance company, association, or exchange authorized to issue lender-placed insurance in this state (or its affiliates). See Rhode Island General Laws 27-6.1-3
• Investor: means a person or entity (and its affiliates) holding a beneficial interest in loans secured by real property. See Rhode Island General Laws 27-6.1-3
• Lapse: means the moment in time in which a mortgagor has failed to secure or maintain valid and/or sufficient insurance upon mortgaged real property as required by a mortgage agreement. See Rhode Island General Laws 27-6.1-3
• Lender: means a person or entity (and its affiliates) making loans secured by an interest in real property. See Rhode Island General Laws 27-6.1-3
• Lender-placed insurance: means insurance obtained by a lender or servicer when a mortgagor does not maintain valid and/or sufficient insurance upon mortgaged real property as required by the terms of the mortgage agreement. See Rhode Island General Laws 27-6.1-3
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loss ratio: means the ratio of incurred losses to earned premium. See Rhode Island General Laws 27-6.1-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage agreement: means the written document that sets forth an obligation or a liability of any kind secured by a lien on real property and due from, owing, or incurred by a mortgagor to a lender on account of a mortgage loan, including the security agreement, deed of trust, and any other document of similar effect, and any other documents incorporated by reference. See Rhode Island General Laws 27-6.1-3
• Mortgage loan: means a loan, advance, guarantee, or other extension of credit from a lender to a mortgagor. See Rhode Island General Laws 27-6.1-3
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: means the person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Rhode Island General Laws 27-6.1-3
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual or entity. See Rhode Island General Laws 27-6.1-3
• Real estate owned property: means property owned or held by a lender or servicer following foreclosure under the related mortgage agreement or the acceptance of a deed in lieu of foreclosure. See Rhode Island General Laws 27-6.1-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• servicer: includes entities involved in subservicing arrangements. See Rhode Island General Laws 27-6.1-3