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Stop foreclosure glossary - I
Insurance
It’s a type of legal relationship whereby individuals,
companies and other entities apprehensive about the risk of
losses pay premiums to an insurance company for protection
against probable losses of their property. There are specific
types of insurance relevant to houses too. As a result the
property can be protected against a specific loss over a period
of time that is secured by the payment of a recurrently scheduled
premium.
Implied Contract
It’s the contract formed by actions and it may not be
essentially written or spoken. An agreement presumably intended
to those involved in the particular venture but not unambiguously
as a written agreement. It may be considered as a supervisor's
promise as a statement in an employee handbook based on employees
historical action. Conversely, whether or not bonded onto
implied contract its breached typically and up to the explanation
of the issue in the courts or to the arbitrators.
Installment Debt
Liability that characteristically has a fixed interest rate,
fixed term, and equal payments amortized over a set number
of months, approved upon by the lender and the borrower prior
to disbursement. It’s a regularly scheduled periodic
payment that a borrower agrees to make to pay back to the
lender.
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