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Payment Protection Insurance
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI was widely sold by banks and other credit providers as an add-on to the loan or overdraft product. PPI usually covers payments for a finite period, typically 12 months, in which case they might be marketed as ''short-term income protection insurance'' (''STIP'') policies. For loans or mortgages the benefit amount may be the entire monthly payment, but for credit cards it is typically the minimum monthly payment. After the end of the period the borrower must find other means to repay the debt, although some policies re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Protection Insurance
Income Protection Insurance (IPI) also known as loss of earnings insurance is an insurance policy paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident. This is typically a replacement for lost income suffered by the policy holder. These policies were formerly called ''Permanent Health Insurance'' (PHI). This type of insurance does not normally cover redundancy and does not pay for medical treatment, it is designed to only pay a monthly amount to cover the loss of income by the policy holder when they are unable to work due to illness or accident. Income Protection Insurance is principally available in Australia, Republic of Ireland, Ireland, New Zealand, South Africa, and the United Kingdom. A similar insurance product is available in the United States known as "disability income insurance" (disability insurance). A study by British insurer Legal & General in 2014, titled "Deadline to the Breadline Report", found that only 8% of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Daily Telegraph
''The Daily Telegraph'', known online and elsewhere as ''The Telegraph'', is a British daily broadsheet conservative newspaper published in London by Telegraph Media Group and distributed in the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as ''The Daily Telegraph and Courier''. ''The Telegraph'' is considered a newspaper of record in the UK. The paper's motto, "Was, is, and will be", was included in its emblem which was used for over a century starting in 1858. In 2013, ''The Daily Telegraph'' and ''The Sunday Telegraph'', which started in 1961, were merged, although the latter retains its own editor. It is politically conservative and supports the Conservative Party (UK), Conservative Party. It was moderately Liberalism, liberal politically before the late 1870s.Dictionary of Nineteenth Century Journalismp 159 ''The Telegraph'' has had a number of news scoops, including the outbreak of World War II by rookie reporter Clare Hollingworth, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Insurance
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK. Australia In Australia, borrowers must pay Lenders Mortgage Insurance (LMI) for home loans over 80% of the purchase price. Singapore In Singapore, it is mandatory for owners of HDB flats to have a mortgage insurance if they are using the balance in their Central Provident Fund (CPF) accounts to pay for the monthly installment on their mortgage. However, they have the choice of selecting a mortgage insurance administered by the CPF Board or stipulated private insurers. On the other hand, it is not mandatory for owners of private homes in Singapore to take a mortgage insurance. United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lenders Mortgage Insurance
Lenders mortgage insurance (LMI), also known as private mortgage insurance (PMI) in the US, is a type of insurance payable to a lender or to a trustee for a pool of securities that may be required when taking out a mortgage loan. Its purpose is to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. Mortgage insurance in the US The annual cost of PMI varies and is expressed in terms of the total loan value in most cases, depending on the loan term, loan type, proportion of the total home value that is financed, the coverage amount, and the frequency of premium payments (monthly, annual, or single). The PMI may be payable up front, or it may be capitalized onto the loan in the case of single premium product. This type of insurance is usually only required if the downpayment is 20% or less of the sales price or appraised value (in other words, if the loan-to-v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unconscionability
Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience. Typically, an ''unconscionable'' contract is held to be unenforceable because no reasonable or informed person would otherwise agree to it. The perpetrator of the conduct is not allowed to benefit, because the consideration offered is lacking, or is so obviously inadequate, that to enforce the contract would be unfair to the party seeking to escape the contract. Overview Unconscionability is determined by examining the circumstances of the parties when the contract was made, such as their bargaining power, age, and mental capacity. Other issues might include lack of choice, superior knowledge, and other obligations or circumstances surrounding the bargaining process. Unconscionable con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Installment Loan
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan. The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loan A title loan (also known as a car title loan) is a type of secured loan where Borrower, borrowers can use their vehicle title as collateral (finance), collateral. Borrowers who get title loans must allow a lender to place a lien on their car title ...s, and to open ended credit such as credit cards. In 2007 the US Department of Defense exempted installment loans f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Advice Service
The Money and Pensions Service (sometimes stylised as Money & Pensions Service or MaPS) is a British organisation whose statutory objective is to develop and co-ordinate a national strategy to improve people's financial capabilities. The service provides impartial, free money and pensions guidance directly to consumers online and by telephone. Through partnerships, it also provides debt advice and pensions freedoms guidance to consumers, along with offering organisations such as employers syndicated money guidance content from its website. The organisation was set up by the UK Government and is paid for by a statutory levy on the financial services industry. It is an arm's-length body of the Department for Work and Pensions. MaPS is the largest funder of debt advice in England. The service's chair is Sir Hector Sants. In January 2020, Caroline Siarkiewicz was appointed as CEO. History The service was launched in January 2019, combining the Money Advice Service, The Pensions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Contract
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. Available through HeinOnline. The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.Wollner KS. (1999). How to Draft and Interpret Insurance Policies. Casualty Risk Publishing LLC. In some cases, however, supplementary writings such as letters sent after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Which?
''Which?'' is a United Kingdom brand name that promotes informed consumer choice in the purchase of goods and services by testing products, highlighting inferior products or services, raising awareness of consumer rights, and offering independent advice. The brand name is used by the Consumers' Association, a registered charity and company limited by guarantee that owns several businesses, including Which? Limited, which publishes the ''Which?'' magazines, and the currently dormant Which? Financial Services Limited (''Which?'' Mortgage and Insurance Advisers operated until 2019) and Which? Legal Limited. The vast majority of the association's income comes from the profit it makes on its trading businesses, for instance subscriptions to ''Which?'' magazine, which are donated to the campaigning part of the organisation to fund advocacy activity and inform the public about consumer issues. ''Which?'' magazine maintains its independence by not accepting advertising, and the organ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Super Complaint
A super-complaint is a complaint made in the UK by a state-approved "super-complainant" or watchdog organisation on behalf of consumers, which was fast-tracked to a higher authority such as the Office of Fair Trading (prior to its dissolution on 1 April 2014). The official body now responsible for dealing with general consumer protection super-complaints is the Competition and Markets Authority (CMA). A super-complaint, as defined in section 11(1) of the UK's Enterprise Act 2002, is a complaint submitted by a designated consumer body stating that "any feature, or combination of features, of a market in the UK for goods or services is or appears to be significantly harming the interests of consumers". Super-complaints have also specifically been introduced for the financial markets in the UK under the aegis of the Financial Conduct Authority (FCA). The Financial Services and Markets Act 2000 (FSMA) provides that certain consumer bodies may complain to the FCA about features of a mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citizens Advice Bureau
Citizens AdviceCitizens Advice is the operating name of The National Association of Citizens Advice Bureaux, which is the umbrella charity for a wider network of local advice centres. The abbreviation CitA is sometimes used to refer to this national Citizens Advice organisation. Citizens Advice does not use an apostrophe in its title since the 1980s. However, it appears in earlier usage: for instance, Margaret Brassnett's 1964 publication ''The Story of the Citizens' Advice Bureau''. (previously Citizens Advice BureauThe abbreviation CABx, short for Citizens Advice Bureaux, is sometimes used to refer collectively to local Citizens Advice offices. and also known as Cyngor ar BopethCyngor ar Bopeth translates as 'advice on everything' in Welsh language, Welsh) is a British independent organisation specialising in confidential information and advice to assist people with legal, debt, consumer, housing and other problems in the United Kingdom. The twin aims of the Citizens Advice serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Fair Trading
The Office of Fair Trading (OFT) was a non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforced both consumer protection and competition law, acting as the United Kingdom's economic regulator. The intention was for the OFT to make markets work well for consumers, ensuring vigorous competition between fair-dealing businesses and prohibiting unfair practices such as rogue trading, scams, and cartels. Its role was modified and its powers changed by the Enterprise Act 2002. The Department for Business, Innovation and Skills (BIS) announced reforms to the consumer protection and competition regimes. Under the provisions of the Enterprise and Regulatory Reform Act 2013, the Competition and Markets Authority (CMA) was established on 1 April 2014, combining many of the functions of the OFT and the Competition Commission and superseding both. Regulation of the consumer credit sector passed from the OFT to the new Financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
