Describe mortgage protection life insurance.
a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability. a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability. an insurance that pays out when there is an accidental death or loss of functionality an insurance that pays out when there is an accidental death or loss of functionality a contract that helps pay for repair or replacement due to normal use once the object is outside the original coverage period a contract that helps pay for repair or replacement due to normal use once the object is outside the original coverage period a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder