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Letter C
Conditional insurance
Insurance that has to be taken out as a condition of the mortgage.
Normally conditional insurances must be taken out through the lender's agency so
that they benefit from any commission.
Today the only type of conditional insurance is that used to protect the
building against insured risk such as fire, flood etc. This is conditional not
only so the lender can benefit from the commission and therefore subsidise other
benefits within the debt but also in some cases it ensures that the property is
insured.
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