Mortgage Life And Disability Insurance
mortgage life and disability insuranceterm life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. The amount of coverage decreases as the principal balance declines. There are many different terms of coverage determining amounts of payments and when payments begin and end.
Source: U.S. Department of Housing and Urban Development
Related Terms from the Property Rights and Real Estate Law Glossary