Friendly Societies Differ from Tribal Unions in That Their Objectives

question 50

Multiple Choice

Friendly societies differ from tribal unions in that their objectives __________.

• A) are confined for the most part to mutual aid
• B) are less stressful to the membership
• C) are more commonly known to the community
• D) cause less dissension in the wider community

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Definitions:

Collateral Mortgage

A type of mortgage where the borrower provides collateral other than the purchased property to secure the loan.

Building Mortgage

A type of loan specifically used for the purchase, construction, or improvement of buildings, secured by the building itself.

Acceleration Clause

A contractual clause that allows a lender to demand immediate repayment of all outstanding loans if certain conditions are violated.

Foreclosure

A legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments, often resulting in the forced sale of the asset used as collateral.