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This question belongs to Commerce Insurance

Insurance

?

Mortgage Redemption Insurance is nothing but

A) It is a constant term insurance B) It is an increasing term insurance C) It is savings insurance like universal life insurance D) Decreasing Term Insurance

Answer & Solution

Correct Answer: Option D

Mortgage Redemption Insurance is nothing but decreasing Term Insurance. An MRI is a form of life insurance that pays off a part or the whole of the insured's outstanding mortgage balance in case of his or her death or total disability.

Question posted by Examveda

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