Category: Insurance tips Release Date: 2006-08-01
Loans to buy a house, has now been accepted by the majority of the people. In China's social credit system to be perfect conditions, the banks to resolve their own credit risk, often require buyers to purchase credit insurance. However, the current loan insurance contract is far from perfect, to a certain extent, the interests of consumers against the purchase.
The actual commitment period of insurance liabilities, the short duration of the contract of insurance provided
Loans to the general provisions of insurance contracts, insurance and loans limit the same period, insurance contract from the boiler for the day of purchase until the date of the borrower to pay off principal and interest only. Most loans to buy housing is Forward House, the loan and the actual time lag boiler for a period of days, widespread first loan, after Jiaofang phenomenon. The premium from the loan begins accruing from the date of the start of income, since the contract provided for liability insurance contract from the purchase date of the beginning Jiaofang commitment, no mention Jiaofang also bear the liability insurance. Therefore, the insurance company assume responsibility for the insurance period was significantly shorter than term of the loans. In the loan period to Jiaofang day window period, the insurance company does not assume any liability insurance. For example, a person on July 1, 2000 loan to buy July 1, 2001 delivery of commercial housing, consumers pay more premiums for one year, but the insurance company is in fact impossible to bear the liability insurance this year. It is clear that the rights and obligations of non-reciprocal, the insurance company should refund the overcharged premiums.
Insurance not by years, but a one-time charge the full premium
Although some insurance companies provided insurance in the contract, "the annual fee, billed annually," but in practice, often a one-time charge for decades. This is essentially free of charge for decades occupied the home buyers interest income and increased the financial burden on home buyers. Insurance companies a one-time premium is generally interpreted is that the existing technical conditions, if the annual collection of premiums, insurance companies must not only putting in a lot of manpower and material resources, but buyers have to bear the risk of non-payment of renewal premiums . However, this interpretation is clearly unconvincing. Many life insurance products, insurance period of decades, the premiums are annual, quarterly or even monthly fee. Can be seen that technically not a question, insurance companies reluctant to give up the interest of a one-time fee is the crux of the problem. Say the least, even if buyers can not pay the insurance premiums on time, insurance companies can in accordance with "Insurance Law" the relevant provisions of the lifting insurance contracts, not assume the insurance responsibility, not to mention the risk of naturally.
Buyers to spend money and buy, the loan is not the beneficiary of the insurance contract
Mortgage home loan insurance contracts usually provide that the bank is the first beneficiary. Because the mortgage itself is a form of guarantee, so should not only apply to mortgage loan insurance, "Insurance Law", but also applies to "Guarantee Law." "Guarantee Law" 58th stipulates: "The mortgage collateral loss due to be extinguished. Because of compensation for loss of income should be used as collateral property." Shows that banks, as mortgagee in the insurance that is the subject of the housing mortgage insurance occurs accidents occur, the first beneficiary can receive the insurance indemnity as to avoid risks. This allows large buyers, however, did not understand or even think that injustice: it is clearly their own money to buy a house that he is not the beneficiary. Therefore, in order to make housing loans insurance, real people are recognized for the bank should not be the first beneficiary of the insurance contract, which does not affect the bank to avoid risks in mind. In fact, the December 13, 2000 since the implementation of the Supreme People's Court on the application of "Guarantee Law" Interpretation of Several Issues 80th article of the "Guarantee Law" 58th article was further provides that: "In the collateral loss of , damage, or expropriation cases, mortgagee in respect of the collateral could be insurance, compensation or a priority claim compensation. mortgage secured claims session of the liquidation period did not, the mortgagee may request the people's court on the insurance Gold, damages or compensation to take protective measures. "Thus, the banks did not need to" defiance of world opinion, "required as the first beneficiary of the contract, the beneficiary should be the buyers. In the event insurance, accident, loss or damage to housing mortgages, the banks have priority in repayment and to take protective measures proceedings. This will allow banks to avoid the risk of both, but also allow buyers to accept emotionally.
In this, the experts remind you to observe the signing of the contract to be calm, careful analysis, to avoid unnecessary misunderstanding and losses.
