X has taken loan(given signed cheques) with Y as guarantor to the loan(Y given his property as surity).X paid some part of loan.Later X stopped paying.Y died now.Can insurance be claimed now?
In general, in these type of loans. Who will be covered under insurance? Borrower? Guarantor? Or both?
A.Dear Sir,
It all depends terms of the insurance policy, one must go through the terms therein and generally the borrower has the right to claim such insurance.
For full procedure contact me on mobile through Vidhikarya.
Helpful
Helpful
Share
Rameshwar Dadhe
Responded 5 years ago
A.Applicants are only benefit. Insurance cover only to the applicant. Not a guarantor
A.Dear Client,
If the Principal Debtor defaults on the loan, the debt becomes the Guarantor's responsibility, and it could mean the Guarantor may have to sell their own home to service or clear it. In the event a Guarantor dies during the term of the guarantee, the debts do not die too.
Factors to consider before signing a guarantee It is advisable to consult your lawyer so that your rights and liabilities can be properly explained to you. Each guarantee is different and turns on the clauses set out in the agreement. Therefore, it is imperative.
Shanti Ranjan Behera
Advocate
Helpful
Helpful
Share
Sandheep J
Replied 5 years ago
Sir. As Guarantor has responsibility in clearing the debt. Isnt it mandatory to insure the guarantor too? Also the loan agreement is between borrower,guarantor and the lender.
Shanti Ranjan Behera
Replied 5 years ago
Dear Client,
I am here to obey the law and not to make the law.
There are different machinery to make the law for the country.
Better approach them.
Shanti Ranjan Behera
Advocate
Dear Client,
When a person issues a cheque against a promise or against any refund of money refundable by her or him and in the absence of any agreement, the cheque receiver holding the said cheque i...
Dear Client,
The rooftops of the Building are also known as an open terrace and a part of the common area useable for all the floor owners of a multistoried building. Legally, a Landowner or Builder...
Dear Client,
Holding a managerial position in the company, you have to pursue your grievance in respect of fairness or unfairness of disciplinary proceedings that ended up imposing harsh punishment be...
Dear Sir,
The charge officer to protect himself taking the signature of charge sheeted person on the order sheet, otherwise the charge sheeted person may question tomorrow that he does not know the co...
You have selected a Lawyer whose location is different from your Location , if you wish to take phone consultation kindly pay and get the details of the Lawyers.
Type of Consultation
Fees
Phone Consultation
₹
Meeting Consultation
₹
Email Consultation
₹
Video Conference
₹
Request for quotation from the Lawyer.
You are a new user, please validate for security reasons
❶ Client Posts a Question by paying some amount
❷ All Paid Answers will be shown in N-Indicator (Open to Answer)
❸ You can reply and respond to the question
❹ Answer will be Approved by Admin based on content and on first come first serve basis.
❺ If answer is Approved then you will get your share. Status will be A-Indicator (Approved).
❻ If there are many Answers Posted then your Answer may get approved with a Lock. That means Client can view your response only if Client Unlocks by Paying Extra Amount. Status will be AL-Indicator ( Approved and Locked).
❼ If there are many Answers Posted you will Waitlisting tag. Waitlisting Answers may get Approved with a Lock or may not get Approved. It will be decision made by the Admin.
❽ Your share will depened on the number of Answers received and weightage given to your answer based on promtness and content.
➒ All amount will be accumulated and will be shared once in a month.
Your question is posted successfully. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601
Your question is posted successfully on the open forum. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601
Insurance claim on death of guarantor
CHit Fund
