Question

What is collateral
For 3 mark

Answer 1

Collateral is nothing by the simultaneous influence of an action on both the parties. This phrase is generally used in history as 'collateral damage'. It indicates the simultaneous damage cause to both the nations at war in terms of money, resources, manpower, etc. Any war in history is an example of collateral damage as no war is won without both the sides suffering a minimum amount of damage.

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Answer 2

is an asset, such as land ,vehicle, building and livestock that a borrower owns and uses

this as a guarantee to a lender until the loan is repaid.