What Is the Purpose of an Escrow Account and What

question 72

Essay

What is the purpose of an escrow account and what costs are typically included?

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Definitions:

Applicant for Insurance

An individual or entity applying for coverage under an insurance policy.

Independent Contractor

An individual who provides services to another entity under terms specified in a contract or agreement, without being legally considered an employee.

Insurance Contracts

Agreements between an insurance company and the insured, where the company agrees to compensate for specific losses in exchange for a premium.

Insurer

An entity that provides insurance coverage to individuals or organizations against financial loss.