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- Collateral_protection_insurance abstract "Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance, may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.Upon signing a loan agreement, the borrower typically agrees to purchase and maintain insurance (that must include comprehensive and collision coverage for automobiles, and hazard, flood, and wind coverage for homes), and list the lending institution as the lienholder. If the borrower fails to purchase such coverage, the lender is left vulnerable to losses, and the lender turns to a CPI provider to protect its interests against loss.Lenders purchase CPI in order to manage their risk of loss by transferring the risk to an internal captive reinsurance company via the Service-level agreement (SLA) in loan servicing contracts. Unlike other forms of insurance available to lenders, such as blanket insurance that impacts borrowers that have already purchased insurance, CPI affects only uninsured borrowers or lender-owned collaterals, such as auto repossession and home foreclosure.Additionally, depending upon the structure of the CPI policy chosen by the lender, the uninsured borrower may also be protected in several ways. For instance, a policy may provide that if collateral is damaged, it can be repaired and retained by the borrower. If the collateral is damaged beyond repair, CPI insurance can pay off the loan.".
- Collateral_protection_insurance wikiPageID "17425373".
- Collateral_protection_insurance wikiPageRevisionID "603559456".
- Collateral_protection_insurance hasPhotoCollection Collateral_protection_insurance.
- Collateral_protection_insurance subject Category:Insurance.
- Collateral_protection_insurance comment "Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions.".
- Collateral_protection_insurance label "Collateral protection insurance".
- Collateral_protection_insurance sameAs m.0462t9p.
- Collateral_protection_insurance sameAs Q5145996.
- Collateral_protection_insurance sameAs Q5145996.
- Collateral_protection_insurance wasDerivedFrom Collateral_protection_insurance?oldid=603559456.
- Collateral_protection_insurance isPrimaryTopicOf Collateral_protection_insurance.