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?
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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