Definition: In English, "mortgage life insurance" refers to a type of insurance policy that provides financial protection for a borrower in case they default on their mortgage payment or bankruptcy. It is typically offered by lenders who want to avoid potential legal action against borrowers in the event of default.
The key definition of "mortgage life insurance" is:
A type of insurance policy that offers financial protection to a borrower in case they default on their mortgage payment or bankruptcy.
The term "life insurance," which refers to an insurance policy covering the borrower's mortality, rather than providing financial protection for the borrower.
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