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What are indefensible locations? Give an example of an area like this. If people choose to live in these areas, what do insurance companies require them to do to protect their homes from fire damage?
Disposable Income
The amount of money individuals have available to spend and save after taxes have been deducted from their income.
Economize
The action of reducing expenditure or efficiently managing resources to avoid waste and save money.
Foreclose
The legal process by which a lender takes control of a property from a borrower due to failure to meet the repayment terms of a loan.
Defaulted
Defaulted refers to the failure to fulfill an obligation, especially the failure to repay a loan on time or to meet a contractual condition, leading to possible legal penalties or loss of rights.
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