The security agreement on a loan requires adequate insurance coverage for collateral. What is the most appropriate action to take to maintain the original integrity of the loan? Review the original insurance certificate and ask the borrower if there have been any changes. Ensure that the insurance coverage is current and the borrower or policyholder is named as loss payee. Immediately file a claim on the insurance if the borrower defaults on any provision of the loan agreement. Ensure that insurance coverage is current and the lending institution is named as loss payee.

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Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs. b.The policyholder is the party that has a right to compensation under an insurance contract if an insured event occurs. c.The insured event is an uncertain future event that is covered by an insurance contract and creates insurance risk. d.All of these statements are true about an insurance contract. 2. IFRS 17 provides that insurance contracts should * a.Comply with all existing IFRS b.Generally continue to be subject to existing accounting policies. c.Comply with the IFRS Framework document. d.Be covered by IAS 32 and IFRS 9 3.An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this…

Comprehensively discuss the consequences of mortgage defaults coupled with the inherent rights to both the mortgagor and the mortgagee.

When an entity breaches a covenant under a long-term loan agreement on or before the end of the reporting periodwith the effect that the liability becomes payable on demand, the liability is classified as noncurrent whenI. The lender has agreed after the end if the reporting period and before the financial statements areauthorized for issue not to demand payment as a consequence of the breach.II. The lender has agreed on or before the end of the reporting period to provide a grace period ending atleast twelve months after that date. a. Both I and IIb. Neither I and IIc. I onlyd. II only

A mortgagee is entitled to certain consideration in the event of a loss to property when indicated as the mortgagee on an insurance policy. Which one (1) of the following is the consideration? OA) The mortgagee is entitled to the proceeds of the insurance to the extent of its financial interest in the property. OB) The mortgagee is entitled to the full proceeds of the insurance. OC) The insured and the mortgagee are permitted to consider the loss and decide between them how much each will receive. OD) The insurer pays the entire loss to the insured who is required to satisfy the mortgagee.

Explain the rights of a creditor against a surety and the rights of a surety, including those of a cosurety.

tell me why the use of reinsurance contributes to the solvency of the ceding insurer.

What are the remedies that a mortgagor and mortgagee may avail if either of them fail to do their obligations?

What is the surety status of any grantees who have assumed the mortgage? Will an extension of time for the payment of the debt secured by the mortgage terminate the liability of such sureties?