Related Words

Commercial Leasehold Insurance: Insurance that covers payment of rent in the event the insured (tenant) cannot pay it.

Medigap Insurance Policies: Medigap insurance is offered by private insurance companies, not the government. It is not the same as Medicare or Medicaid. These policies are designed to pay for some of the costs that Med . . . View Full Definition

Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. Th . . . View Full Definition

Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment.

Loss-Of-Income Insurance: Insurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption.

Life Insurance Policy: The contract that sets out the terms of life insurance coverage.

Long-Term Care Insurance: Long-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term disability, or you are unable to live . . . View Full Definition

Long-Term Disability Insurance: Pays an insured a percentage of their monthly earnings if they become disabled.

Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death.