Skip to main content
Insurance

Mortgage insurance

Let's discuss a type of insurance that is specifically designed to cover the life of an individual who has taken out a mortgage. This form of insurance is known as decreasing term insurance and its purpose is to provide death benefits that can be used to pay off the remaining balance of a mortgage. As the name suggests, the coverage amount decreases as the debt decreases. However, there is also a variant of this insurance called mortgage unemployment insurance, which offers coverage for the mortgage in case the policyholder becomes involuntarily unemployed.

Related terms

Contract of adhesion

Understand the meaning and definition of Contract of adhesion in the context of stock market, trading, and investments.

MORE
Reserves

Understand the meaning and definition of Reserves in the context of stock market, trading, and investments.

MORE
Adverse selection

Understand the meaning and definition of Adverse selection in the context of stock market, trading, and investments.

MORE
Guaranteed Term

Understand the meaning and definition of Guaranteed Term in the context of stock market, trading, and investments.

MORE
Floater

Understand the meaning and definition of Floater in the context of stock market, trading, and investments.

MORE

Open Free Demat Account!

Join our 3.8 Cr+ happy customers

+91
Explore other categories
Enjoy Zero Brokerage on Equity Delivery
10 Cr+DOWNLOADS

Enjoy Zero Brokerage On Stock Investments

Get the link to download the App

Scan this QR code to download the app
Get it on Google PlayDownload on the App Store

Open Free Demat Account!

Join our 3.8 Cr+ happy customers
+91