Return of loan insurance. Reimbursement of mortgage insurance

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Getting a loan from a bank is a procedure in which the borrower sometimes has to pay certain types of commissions, as well as conclude a loan insurance agreement. If the entire amount of the debt is repaid ahead of schedule, the borrower has the opportunity to receive a refund of the loan insurance. There are several ways to do this.

The situation in the structure

Not so long ago, almost all banks introduced new obligations for borrowers in the form of he alth, life and property insurance. Now, when applying for a loan or credit, a bank client must sign an insurance contract. Because of this, there is a need for additional funds. But the legality of compulsory insurance is sometimes a big question mark. And if you know this, then it is quite possible to get a refund of insurance on the loan. The current law allows this to be done.

Credit protection

Banking institutions insure the amount of the loan in order toprotect yourself and get back the funds issued to the client, under any circumstances. The current legislation says that he alth and life insurance is voluntary, but collateral must be protected without fail. In fact, many banks impose absolutely all types of insurance on clients, however, in the case of a vehicle or real estate, which act as collateral for the bank, this procedure is also quite beneficial for the borrowers themselves. If unforeseen circumstances arise in the form of partial destruction or complete destruction of the house, then the insurance company will have to close the balance of the debt. However, quite often such a contribution acts as an expensive and redundant option, and the return of loan insurance is not always available.

If the borrower is confident that he will be able to repay the loan soon, then such an additional service will only take away his money. It is worth agreeing to conclude an agreement with an insurance company only in situations where the loan is taken for a long time and there is a high risk of loss of solvency in the event of job loss due to job cuts or loss of he alth. These are insured events, so you can expect that the company will reimburse the funds.

Contract execution

When a borrower receives a loan, various commissions are often paid, about which he was not notified in advance. Often he has to pay the so-called sum insured. If such an agreementabsent, you can contact the financial institution with a written application for the return of insurance on the loan. If the bank agrees, the borrower will receive his funds. If you don't agree, you can file a lawsuit. The loan insurance will be returned when the case is resolved in favor of the borrower.

Pitfalls

When a client decides to conclude a loan insurance agreement, he needs to study all the conditions prescribed in it as carefully as possible. It indicates the amount of the policy, as well as lists items relating to the possibility of returning the sum insured in different situations, in particular if the contract is terminated. The borrower has the right to offer certain and essential terms of the contract, on which he is ready to assume the fulfillment of obligations.

Subjects of the contract

1. He alth and life of the person to whom the loan funds were issued.
2. Property that is purchased under a mortgage program and then acts as collateral for the mortgage. It should be noted that the return of mortgage insurance has certain features, which will be discussed later.
3. A vehicle that was purchased with funds from a car loan.

These types of insurance are designed to give the client the opportunity to pay off credit debt in a situation where an insured event occurs.

Procedure description

How can you getcredit insurance refund? Ufa, for example, is a city where it is possible to get it in institutions such as Sberbank and Renaissance Bank. In each case, the situation is considered by specialists. In case of early payment of the entire loan amount, when the insurance contract is still in force, you can receive the money already given to the insurance company. To do this, it is necessary to send a written application to her address for the return of the amount that was overpaid. In the best case, the company's employees will make calculations, after which you can count on the return of consumer credit insurance. At worst, you will be denied payment, and then you can file a claim with the judicial authorities. By court decision, the client will be paid the balance of the amount paid, and all legal costs will be paid by the insurance company.

In some cases, the terms of the contract may require you to pay for the insurance policy annually. In this case, if the loan is repaid in full, the client can stop his payments under the insurance contract, effectively refusing the services of the company in the future. If the contract does not contain any special conditions, then it will cease to exist automatically.

If we continue talking about where exactly in certain regions the return of loan insurance is carried out, Krasnoyarsk is a city where it is possible to get it in institutions such as Sberbank and Renaissance.

Amounts to be returned

When the insurancethe company agrees to terminate the contract and return the money to the client, it often aims to pay the client less than the amount due, reduces it by including its expenses in the calculation. So far, the return of insurance on a loan has been carried out without any specially developed and approved methods for calculating the amount. In the event of early termination of the contract, only a provision is in effect that allows the retention of funds at the expense of the organization's costs for servicing the contract during the period of its validity. The customer has the right to request an ex post cost estimate for this time. This calculation should be based only on the commission paid to the employee of the company for accompanying a specific contract.

Insurance denied

The company may refuse to pay the client the amount of insurance due to him, referring to certain circumstances:

- Missing the application deadline. Usually it is a month from the moment of occurrence of the insured event, unless otherwise specified in the contract. If for some reason it is impossible to write a statement, then you should notify the company employee.

- The application does not contain the required data: the number of the contract and the date of its conclusion, information about the insured person, and there is no date of occurrence of the insured event or its circumstances.

- Documents on the fact of the accident, necessary for payment, were not attached.

The package of documents may have a different composition depending on the type of insured event:

• disability involves the provision of a medical certificate and an extract from the patient card;
• the death of the insured person requires the provision of a relevant certificate from the registry office.

In the latter case, the loan insurance will be returned. "Renaissance" is a bank in which the return is made to the beneficiary specified in the contract, or to the heir. Receiving funds from Renaissance Bank is not particularly difficult if you comply with the terms of the contract. To do this, you just need to provide a full package of required documents.

Know your rights

In accordance with the law "On insurance of deposits of individuals in banks of the Russian Federation", the process of applying for a loan does not allow financial institutions to require borrowers to insure their he alth or life. However, most of these organizations take advantage of clients' ignorance of the law and their rights in order to gain some benefit. Most often, clients do not read the terms of contracts thoroughly, but agree to take out insurance, as they are convinced that this is a prerequisite for lending.

However, the borrower has the right to refuse insurance even after he signed it. To return the money that was paid on it, the borrower needs to write an appropriate application, and then take it to a bank or insurance company. In case of rejection of the request, you can apply to the court and Rospotrebnadzor with statements of claim. However, in thiscase, the client will have to pay all legal costs himself.

Terms of the loan agreement

Before contacting, for example, Sberbank, the return of insurance on a loan in which you want to demand, you must carefully study the loan agreement. If it states that early repayment is not possible, then the claim will be rejected by the court, because the bank will not violate any rights of the borrower.

A look from a different angle

Insurance can be viewed from the other side. It is a very profitable way to invest money, as well as an opportunity to return your funds in case of any unforeseen situation.

The borrower, if desired, can maintain relations with his insurance company, however, after the loan obligations are completed, it is required to reissue the contract so that either the borrower himself or his relatives becomes the beneficiary, and not the bank in which the loan was issued, for example, Sberbank.

Return of loan insurance when repaying a mortgage or car loan ahead of schedule

Property and car insurance are mandatory conditions for obtaining a loan. This is a tool to protect the bank from possible risks, since the purchased car or real estate most often becomes collateral. But if the loan repayment was early, and the insurance remains valid, then the borrower has the right to return the balance of funds. To do this, write an application with which you need to contact the insurancecompany.

In the situation with Sberbank, as with everyone else, everything will be like this. If within a month after the loan was issued, the borrower applied for the return of the insurance premium and the bank satisfied his request, then he will receive the entire amount in full.

In the event that a longer period of time has passed since the loan was issued, the borrower can count on the return of only part of the insurance premium. To do this, he needs to contact the Sberbank office with a passport and an application. It usually takes about a month to review the situation. If the bank satisfies the borrower's request, the funds will be transferred to his bank card or personal account. Sovcombank works in exactly the same way. Credit insurance will not be refunded only under the circumstances described above.

Conclusions

Before you sign a loan insurance agreement, you must carefully and carefully study all its provisions, as well as include a clause on the possibility of termination and prescribe the conditions for the return of insurance. It is recommended to conclude such an agreement if you take a loan for a long period and are not sure that you can repay it ahead of schedule. If you managed to pay it off ahead of time, then you can safely write an application for the return of loan insurance.