Mortgage redemption insurance

Term · Insurance and risk management · MLC-T-INS-003693

A type of life insurance policy designed to pay off the outstanding balance of a mortgage loan upon the death of the insured homeowner. The coverage amount decreases over time, mirroring the declining balance of a repayment mortgage. This policy provides financial security for surviving family members by preventing foreclosure due to the loss of income.

Table 1. Record
Identifier	MLC-T-INS-003693
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-003693",
  "term": "Mortgage redemption insurance",
  "field": "Insurance and risk management",
  "definition": "A type of life insurance policy designed to pay off the outstanding balance of a mortgage loan upon the death of the insured homeowner. The coverage amount decreases over time, mirroring the declining balance of a repayment mortgage. This policy provides financial security for surviving family members by preventing foreclosure due to the loss of income.",
  "url": "https://mlchart.com/terminology/insurance/mortgage-redemption-insurance/"
}

Record 2,195 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.