What does Mortgage Insurance mean? Read on to discover the definition & meaning of the term Mortgage Insurance - to help you better understand the language used in insurance policies.
One of the basic uses for life insurance, so-called because many family heads leave insurance for the specific purpose of paying off any mortgage balance outstanding at their death. Many companies have designed special policies for this purpose. Insurance is generally made payable to a family beneficiary instead of to the mortgagee.
We hope the you have a better understanding of the meaning of Mortgage Insurance.