Contract of Insurance [HUD] Law and Legal Definition

Pursuant to 24 CFR 203.251 (j) [Title 24 Housing and Urban Development; Subtitle B Regulations Relating to Housing and Urban Development; Chapter II Office of Assistant Secretary for Housing Federal Housing Commissioner, Department of Housing and Urban Development; Subchapter B Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities; Part 203 Single Family Mortgage Insurance; Subpart B Contract Rights and Obligations; Definitions], the term Contract of Insurance means “the agreement evidenced by the issuance of a Mortgage Insurance Certificate or by the endorsement of the Commissioner upon the credit instrument given in connection with an insured mortgage, incorporating by reference the regulations in this subpart and the applicable provisions of the Act.”