National Road Traffic Act, 1996
R 385
loan guarantee policy
means a guarantee policy as defined in section 1 of the Insurance Act, 1943 (Act No. 27 of 1943), by virtue of which a moneylender is insured against any financial loss which could be suffered by him in connection with a housing loan secured by a mortgage bond over immovable property, where the loss is suffered by the moneylender pursuant to the moneylender's being unable at a sale of such property--
| a) | in execution, whether such sale is held at the instance of the moneylender or any other person; or |
| b) | by public auction held by virtue of the insolvency of the borrower, |
to recover any amount owed to him by the borrower in connection with the housing loan.
