What is the Definition of Mortgage Guarantee Insurance?

What is the Definition of Mortgage Guarantee Insurance?

Coverage for the mortgagee (usually a financial institution) in the event that a mortgage holder defaults on a loan. Also called private mortgage insurance (PMI).

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Mortgage Guarantee Insurance?

What is the Definition of Mortgage Guarantee Insurance?

You can find random definition and meaning of insurance terms below:


Meaning of Annuitization in Insurance Terms

The conversion of the account balance of a deferred annuity contract to income payments.


Meaning of Annuity Accumulation Phase Or Period in Insurance Terms

The period during which the owner of a deferred annuity makes payments to build up assets.


Meaning of Annuity Administrative Charges in Insurance Terms

Covers the cost of customer services for owners of variable annuities.


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