Mortgage protection life insurance is a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder. This insurance is designed to ensure that the borrower's family is not burdened with mortgage debt if the borrower passes away, allowing them to keep their home without the financial strain of the outstanding mortgage balance.
Describe mortgage protection life insurance.(1 point)
Responses
a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability.
a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability.
an insurance that pays out when there is an accidental death or loss of functionality
an insurance that pays out when there is an accidental death or loss of functionality
a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder
a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder
a contract that helps pay for repair or replacement due to normal use once the object is outside the original coverage period
1 answer
1 answer