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lakemen
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Joined: 18 May 2005
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 Posted: Sat Jul 08, 2006 7:18 am Post subject: Mortgage Insurance
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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. |
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