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Insurance Definition: MORTGAGE INSURANCE

By Compuquotes Team on March 27th, 2008

MORTGAGE INSURANCE:

Definition:

  • 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)

Information provided by Insurance Information Institute

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