Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Actually the problem is only in that the borrower did not pay attention on such an important point or didn't understand it. You can, for example, can I refinancing your loan. Attentively read the contract, the borrower may not pay attention to the fact that the rate at which he pays the loan, not a fixed and floating, i.e. When it comes to the apartment bought on a mortgage, the heirs to repay the loan jointly, in proportion to the share they received. Very often potential borrowers are lured by the fact that promise to provide consumer loans or cash loans within 15 minutes at the time of treatment, and from the potential borrower in obtaining such loans will not need to provide any documents other than passports. If the potential borrower has decided to purchase a vacation property in this way, a potential borrower is to start looking not financial institutions, and reputable construction company that is willing to provide such services. The debts of the testator, regardless of whether the loan is from a Bank or other debt obligation, called passive part of the inheritance. Such is the irony. As a result, the client might get the feeling that he cheated, but it will not be so. And one of the main reasons for such purchases, according to leading psychologists, is the uncertainty that tomorrow these goods are still on sale. Meaning of refinancing is that the new loan the borrower receives on more favorable terms than was the old.