Insurance Premium

The amount charged a lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be by a guarantee agencyA State or private nonprofit agency that has an agreement with the Secretary to administer the Guaranteed for insuring the lender against losses on GSLP loans. The lender, however, may pass the cost of the insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." premiumThe sum paid by a policyholder to keep an insurance policy in force to the borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note..