Kennedy Peter
Junior Member
What is the name of your state?Banks take general insurance policies to cover the borrowers liability. This policy is between the bank and the insurance company, but the policy is taken for covering the specific borrwer liability.
Though the policy is taken by bank, premium for the policy is paid by the borrower. It is supposed to be paid by the bank, instead the bank charge the premium to the borrower.
In case if the insurance company give any settlement of claim, who will be the beneficiary ? either the bank or the borrower - ( since the borrower has paid the premium)
Kindly advise the legal position in this regard in general.
Thanks for your support and suggestion.
Regards
Kennedy Peter
Though the policy is taken by bank, premium for the policy is paid by the borrower. It is supposed to be paid by the bank, instead the bank charge the premium to the borrower.
In case if the insurance company give any settlement of claim, who will be the beneficiary ? either the bank or the borrower - ( since the borrower has paid the premium)
Kindly advise the legal position in this regard in general.
Thanks for your support and suggestion.
Regards
Kennedy Peter