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Simple English definitions for legal terms
PPI
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A quick definition of PPI:
Term: PPI
Definition: PPI stands for Policy Proof of Interest. It is a document that proves that someone has a financial interest in an insurance policy. This document is important because it helps to prevent fraud and ensures that only those with a legitimate interest in the policy can make changes or receive benefits from it.
A more thorough explanation:
Definition: PPI stands for Policy Proof of Interest.
Example: When applying for a loan, the lender may require a PPI document to prove that the borrower has a financial interest in the property being used as collateral.
Explanation: PPI is a document that proves a person's financial interest in a property or asset. In the example given, the lender wants to ensure that the borrower has a stake in the property being used as collateral for the loan. This helps protect the lender's investment and reduces the risk of default.