What is the Definition of Mortgage Insurance?
A form of decreasing term insurance that covers the life of a person taking out a mortgage. Death benefits provide for payment of the outstanding balance of the loan. Coverage is in decreasing term insurance, so the amount of coverage decreases as the debt decreases. A variant, mortgage unemployment insurance pays the mortgage of a policyholder who becomes involuntarily unemployed. (See Term insurance)
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 Insurance?
You can find random definition and meaning of insurance terms below:
Meaning of Annual Annuity Contract Fee in Insurance Terms
Covers the cost of administering an annuity contract.
Meaning of Annual Statement in Insurance Terms
Summary of an insurer’s or reinsurer’s financial operations for a particular year, including a balance sheet. It is filed with the state insurance department of each jurisdiction in which the company is licensed to conduct business.
Meaning of Annuitant in Insurance Terms
The person who receives the income from an annuity contract. Usually the owner of the contract or his or her spouse.
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