In the US and other countries banks require title insurance as a requirement to obtain a mortgage loan. Here for commercial or private loans, banks require a person to obtain fire and life insurance policies as a guarantee that if the person passes away the insurance company will reimburse the bank... 

Mortgage from a US Bank A prestigious international bank based of Florida has just approved mortgages for US citizens purchasing property in Panama. This is the first of several banks who are in the process of establishing international mortgages in Panama. FIRE AND TITLE INSURANCE will be required... 

Home Owner’s Multi Risk or Fire Insurance Fire Insurance covers the structure of a property – roof, walls, and ceiling. Rates depend on the material used for construction (cement, mixture of cement/wood, or wood) and the location of the property (urban or rural areas). Fire protection covers...