Accident and sickness
Accident and sickness Mortgage Insurance It is recognised that 35% of accident and sickness claimants can benefit from simple advice relating to Musculoskeletal complaints.
Assessing the claim for coverage
Assessing the claim for coverage Mortgage Insurance There will be some basic checks completed. The level of each check will depend on the insurers own experience of claims ...
Associated mortgage protection products
Associated mortgage protection products Mortgage Insurance This section lists products that may be sold at the same time or solicited soon after. Care would need to be ...
British Bankers Association (BBA)
British Bankers Association (BBA) Mortgage Insurance The BBA is the leading trade association in the banking and financial services industry representing banks and other ...
British Retail Consortium
British Retail Consortium Mortgage Insurance The BRC represents retailers from large multiples through to independents in both towns and rural settings and virtual stores.
Cancellations and refunds
Cancellations and refunds Mortgage Insurance How mortgage protection insurance can be terminated. Premium refund variations. How mortgage protection insurance can be ...
Claim mitigation services
Claim mitigation services Mortgage Insurance A fast growing development is ‘back to work’ services. A mortgage insurance claim is usually the result of unemployment ...
Claims process
Claims process Mortgage Insurance The claims process is owned by the insurer who is obliged to follow the rules. Anyone involved in the claims process and has to assist ...
Claims
Claims Mortgage Insurance Process. Evidence. Payments. Fraud. Claim mitigation services. Claims process Mortgage protection insurance claim can involve the benefits being ...
Competent staff and informed decisions
Competent staff and informed decisions Mortgage Insurance The business standards block of the handbook rules sets out operational requirements for the firm. Prudential ...
Consumer Credit Association
Consumer Credit Association Mortgage Insurance Similar to the CCTA but with a strong affiliation in the weekly home collect market. If you are interested in Mortgage ...
Consumer Credit Trade Association
Consumer Credit Trade Association Mortgage Insurance The CCTA has been a major industry body for over 100 years, representing UK consumer and motor finance companies.
Council of Mortgage Lenders (CML)
Council of Mortgage Lenders (CML) Mortgage Insurance CML is a trade association for mortgage lenders in the UK and its members are responsible for circa 98% of the UK ...
Cover and benefits
Cover and benefits Mortgage Insurance This section looks at the events that can trigger a benefit being paid, and what type of benefit may be payable. Life, accident ...
Cover limitation
Cover limitation Mortgage Insurance It is important to point out to the customer any limitation in the cover or significant or unusually exclusions. For mortgage protection ...
Criticisms of mortgage insurance
Criticisms of mortgage insurance Mortgage Insurance The mortgage protection market does attract a certain amount of criticism in the press and other media. Compared ...
Demands and needs assessment
Demands and needs assessment Mortgage Insurance This can be used by going through a tick list statement with the customer, covering areas described above, such as eligibility, ...
Demands and needs/recommendation
Demands and needs/recommendation Mortgage Insurance The customer must be provided with a demands and needs statement which must show (in summary) the information that ...
Disclosure
Disclosure Mortgage Insurance The customer must be made aware of certain information which can be listed as follows. Information about, The firm, The service provided ...
Eligibility for cover
Eligibility for cover Mortgage Insurance Premiums for most insurance products are tailored to the individual’s circumstances and risk. Each risk premium being calculated ...
Finance and Leasing Authority (FLA)
Finance and Leasing Authority (FLA) Mortgage Insurance This is the major industry body for asset finance, consumer finance and motor finance. Full members can be involved ...
Fraud
Fraud Mortgage Insurance Insurers need to check that the claims they pay are real claims. Fraud is of concern to the industry and customers alike. Fraud is an extra ...
FSA regulations
FSA regulations Mortgage Insurance The role to the Financial Services Authority to the mortgage protection insurance industry. The application of the FSA insurance Conduct ...
Joint cover
Joint cover Mortgage Insurance Mortgages are often taken out in joint names and it is possible to insure both borrowers under the one policy. This can be done in one ...
Legal issues
Legal issues Mortgage Insurance There are many laws and statutes that affect mortgage protection insurance. Insurers and distributors are bound like any other company ...
Loan interest rate
Loan interest rate Mortgage Insurance The loan agreement is a separate contract from the insurance contract. Separate rules and separate authorisations are required for ...
Main areas of sale
Main areas of sale Mortgage Insurance Customers will not seek mortgage payment protection or loan payment protection until they have either a mortgage or a loan. These ...
Mortgage insurance suitability
Mortgage insurance suitability Mortgage Insurance Main providers The companies that underwrite mortgage insurance can be categorised as follows. Insurance companies, ...
Mortgage insurance suitability
Mortgage insurance suitability Mortgage Insurance Mortgage protection insurance should only be offered to customers for which that type of insurance is suitable. To support ...
Mortgage Insurance
Mortgage Insurance Mortgage Insurance Mortgage Insurance Advice Mortgage Insurance may help if you are worried about keeping up your mortgage repayments due to illness ...
Mortgage products
Mortgage products Mortgage Insurance Mortgage products. Associated products. Main providers. Product A example Covers Accident and sickness and unemployment. Separate ...
Mortgage Protection Information
Mortgage Protection Information Mortgage Insurance Accident and sickness accident-sickness.htm Assessing the claim for coverage assessing-claim-coverage.htm Associated ...
Mortgage protection insurance
Mortgage protection insurance Mortgage Insurance Mortgage protection insurance 1. Background. 2. Types of credit/loans. 3. Premium calculation and payment. 4. Main areas ...
Site Map
Mortgage Protection Accident and sickness accident-sickness.htm Assessing the claim for coverage assessing-claim-coverage.htm Associated mortgage protection products associated-mortgage-protection-products.htm ...
Important Documents for Mortgage Payment Protection Insurance
Instant quote for unemploment and disability mortgage protection.
Important Documents for Mortgage Payment Protection Insurance Mortgage Insurance When applying for mortgage payment protection insurance you will be asked to have read, ...
Other influences in the mortgage market
Other influences in the mortgage market Mortgage Insurance Role and scope of voluntary organisation involved in mortgage protection insurance. Legal issues. Other influences.
Other influences
Other influences Mortgage Insurance The Government has other influences over mortgage protection insurance when it changes its social polices as regards benefits. It ...
Payments
Payments Mortgage Insurance Three areas to consider here. Who the payments should be made payable to. The impact on entitlement to state benefits. When payments are to ...
Premium calculation and payment
Premium calculation and payment Mortgage Insurance Premium calculation and payment is usually matched to the loan product concerned. This assists in administration where ...
Premium refund variations
Premium refund variations Mortgage Insurance As may have been noticed premium refunds will only be due where a single premium has been paid by the customer. This is because ...
Product B example
Product B example Mortgage Insurance Mortgages (single premium) Covers accident and sickness and unemployment. Note that life cover not usually provided. Waiting period ...
Product example C
Product example C Mortgage Insurance personal loan protection insurance Covers Life, Accident and Sickness, and Unemployment Waiting periods 30 days excess Premium frequency ...
Product example D
Product example D Mortgage Insurance Credit cards, store cards and overdrafts Covers Life, Accident and sickness, and Unemployment Premium frequency Monthly Premium calculation ...
Product example E
Product example E Mortgage Insurance Mail order catalogue Covers Life, accident and sickness and unemployment Waiting period 30 days excess Premium frequency monthly ...
Product example F
Product example F Mortgage Insurance Secured loan Covers Life, accident and sickness and unemployment Waiting periods 30 days excess Premium frequency Single premium ...
Product example G
Product example G Mortgage Insurance Motor finance Covers Life, accident and sickness and redundancy Waiting periods Franchise of 14 days for accident and sickness Franchise ...
Product example H
Product example H Mortgage Insurance Retail finance Covers Life, Accident and sickness, Unemployment Waiting periods 30 days excess Premium frequency Single premium added ...
Product example I Commercial loans
Product example I Commercial loans Mortgage Insurance Covers Life, accident and sickness Waiting period 30 days excess Premium frequency Single Premium calculation basis ...
Product and price disclosure
Product and price disclosure Mortgage Insurance The customer must be given a summary of the mortgage protection insurance policy (policy summary) and a statement of price ...
Protect
Protect Mortgage Insurance Protect was formed In 1999 by the major mortgage insurers to provide the focused support for this sector of the general insurance market. By ...
Redress
Redress Mortgage Insurance These are dealt with in the handbook volume DISP. This gives customers access to the Financial Ombudsman Service subject to their meeting certain ...
Retail Motor Insurance Federation (RMIF)
Retail Motor Insurance Federation (RMIF) Mortgage Insurance RMILF helps companies working in the retail motor industry. Its membership covers almost every aspect of ...
Self employment and contract workers
Self employment and contract workers Mortgage Insurance It was often thought that the self employed and those under limited periods of contract employment were ineligible ...
Selling process
Selling process Mortgage Insurance Once the seller has determined what is suitable in relation to the mortgage protection policy it is important to build the questions ...
Society of Motor Manufacturers and Traders (SMMT)
Society of Motor Manufacturers and Traders (SMMT) Mortgage Insurance The leading trade association for the motor industry in the UK. Its aim is to encourage and promote ...
Status disclosure
Status disclosure Mortgage Insurance This is a statement about the firm’s regulatory status. It an be included in letter headings or in a paragraph within a letter.
The amount of loan
The amount of loan Mortgage Insurance In this instance the premium is charged as a percentage of the loan amount. Now loans attract interest and charges which are included ...
The Association of British Insurers
The Association of British Insurers Mortgage Insurance This association represents about 400 insurance companies operating in the UK. The members provide all types of ...
The mortgage protection cover
The mortgage protection cover Mortgage Insurance The customers need for cover Eligibility for cover Cover and benefits. Waiting periods. Joint cover (more than one insured) ...
The Financial Ombudsman Service (FOS)
The Financial Ombudsman Service (FOS) Mortgage Insurance The FOS is a government backed complaints service to provide recourse / arbitration services between customers ...
The firm and its management
The firm and its management Mortgage Insurance Under the handbook the FSA expects a firm to reach certain standards before it will be considered for authorisation, abide ...
The FSA aims and operation
The FSA aims and operation Mortgage Insurance The FSA has four key objectives. Maintaining confidence in the financial system. Promoting public awareness and understanding ...
The outstanding balance method
The outstanding balance method Mortgage Insurance In this instance the rate is expressed as a premium rate based on the outstanding balance of the loan. For example is ...
The regular repayment
The regular repayment Mortgage Insurance In these cases the mortgage protection insurance premium is expressed as ??’s per ??100 of the loan repayment amount. For ...
Types of credit and loans
Types of credit and loans Mortgage Insurance Both mortgage protection insurance and loan protection insurance are usually sold as secondary products to the customer at ...
Waiting periods
Waiting periods Mortgage Insurance Waiting periods act like a policy excess and mean that benefits are not payable for events that only last a short period of time. By ...
What is not covered?
What is not covered? Mortgage Insurance In common with most insurance polices, mortgage insurance does not provide cover for the following, Anything the customer is aware ...