[ad_1]
Let me emphasize this first; Life insurance based on bank loans is a kind of guarantee for credit debt. Whether it’s a consumer loan or a business loan, the “collateral” feature of life insurance does not change.
Prof. Dr. Erol Ulusoy Article:
Well, let’s answer; In whose interest is the establishment of a security against a loan? Is the credit creditor the bank or the credit debtor the customer? More precisely, the heirs of the loan borrower to inherit the debt?
Manual answer; both of them! When the loan debtor dies, the bank can easily repay the loan from the insurance company and never deal with heirs. You will say that a life insurance premium payment debt is added to the loan borrower in addition to the cost of the loan, both the cost of the loan increases and it will benefit the borrower, is there no contradiction in this?
Optional but …
Nerd! Because when death occurs, the insurance company will pay off the entire loan debt. In this case, the interest of the insured comes to the fore!
The heirs of the deceased loan debtor also do not face the burden of debt for which they will suddenly be liable. Isn’t this the best inheritance that the borrower leaves to his heirs? he inherited a debt to his heirs to pay with life insurance compensation.
When you withdraw a loan from a bank, regardless of the type of loan, our legislation does not require life insurance. The main thing in life insurance is to be done voluntarily. You say, but sir, the bank always requires us to have life insurance! In fact, the bank does not force its clients to apply for life insurance loans. However, it is very clear that the bank must also guarantee the repayment of the loan that it has paid.
The “Regulation on the Principles of Application of Linked Insurance in Consumer Loans” published in the Official Gazette of March 13, 2015 regulates the optional or mandatory insurance contracted in relation to personal loans granted by credit institutions and guarantees to be provided within these insurances.
Article 6 of the Regulations under the title of “Optional Insurance” establishes that, in the discretionary insurance contracted in relation to the loan, it is essential that the interests of the related person are insured and that the guarantees provided by the insurance contract are consistent with the purpose of the loan and the needs of the borrower.
Article 13 of the Insurance Law establishes that, except for legally mandatory insurance, mandatory insurance will be determined by the Decree of the Council of Ministers (it will be the Presidential Decree). For example, financial responsibility insurance is generally mandatory, like traffic, green card, DASK. But there is no legal rule or a court decision that establishes that life insurance is mandatory.
Therefore, we can say that life insurance is not legally mandatory, but optional. However, since banks make loans available without taking any collateral, such as guarantors, etc., they require that the loan be secured in order to repay the loan. If the borrower dies without paying his debt, there is a possibility that the heirs will reject the inheritance. If the heirs reject the inheritance, the bank loan debt will not be paid if the deceased borrower has no collateral.
For this reason, banks make life insurance, which is not legally mandatory, mandatory with a contract. Is this legally possible? Yes, it is possible because the bank is not required to make unsecured loans. In that case, the bank can take out life insurance that is not legally mandatory to grant credit. The justification is, of course, that you are not obligated to make unsecured loans. They may say to the client, “If you buy life insurance and provide coverage, I’ll make a loan available.”
But what can’t the bank say? You cannot dictate to the customer which insurance company will carry life insurance. For this reason, if a loan customer has a pre-made life insurance policy, they do not have to buy a new one. All that needs to be done is to rearrange the current life insurance as dain-i mürtehin from the bank as well as the loan debt.
This event also happens very frequently. The loan customer takes out life insurance. Later, life insurance is not renewed when it expires. Sometimes the borrowing bank customer thinks that the life insurance will be renewed automatically, it does not follow whether the term is expired or not.
Sometimes he deliberately can’t eat it because, according to him, the life insurance premium increases the cost and he feels so healthy that he thinks his life will be enough to pay off his debt. So you see, may Allaah give him his life, he knocks on the door before term life insurance is renewed and loan debt ends.
The bank knocks on the door of the heirs, says’ Pay the loan debt of your heirs of 100 thousand TL to our bank. The heirs are also surprised, some do not even know about that loan debt, some do, but believe that their heirs have life insurance.
However, the life insurance ended because it was not renewed and only the credit debt remained. In this case, who will be responsible for the current life insurance not being renewed? Are you a bank, life insurance company, or insured borrower? Before giving the answer, we will start with the fact that life insurance is not mandatory but optional.
Since life insurance is neither mandatory nor optional, neither the bank nor the insurance company are responsible for its non-renewal. But if life insurance is mandatory in the loan agreement, then the job changes a bit.
Because the first paragraph of article 12 of the Regulation on the Principles of Application of Insurance Linked to Personal Loans, entitled ‘Renewal and Notification’, has reached a middle ground in the renewal of “insurance linked to loans” regardless of whether it is mandatory or optional. In credit insurance, the regulations stipulate that the responsibility to renew life insurance corresponds to the user of the loan until the expiration of the loan term.
Because the first paragraph of article 12 of the Regulation on the Principles of Application of Insurance Linked to Personal Loans, entitled ‘Renewal and Notification’, has reached a middle ground in the renewal of “insurance linked to loans” regardless of whether it is mandatory or optional. In credit-related insurance, the regulations stipulate that the responsibility for renewing life insurance corresponds to the user of the loan until its maturity.
This means that if a borrower’s life insurance has not been renewed, he or she is the first to take responsibility. Because the responsibility for renewing credit-linked life insurance belongs primarily to the user of the loan. But we cannot say that the bank has no responsibility. Because the bank has the responsibility to notify the borrower of the renewal of a life insurance contract linked to a loan. If the bank does not notify the loan customer to renew the life insurance, they will also be defective and liable.
In addition, the bank must make this notification 15 business days before the expiration date of the policy. If no renewal has been made, you must notify us within 15 days. Otherwise, both the bank and the customer who does not renew their life insurance will be liable together. My advice to you, dear readers, is that even if the bank constantly renews your life insurance and builds a trust, you should follow in its footsteps regardless of whether your life insurance is renewed or not.
[ad_2]
