Mortgage redemption insurance (MRI) can be categorised under _________.

A. Increasing term life assurance

B. Decreasing term life assurance

C. Variable life assurance

D. Universal life assurance

Answer: Option B

Solution(By Examveda Team)

Mortgage redemption insurance (MRI) can be categorised under decreasing term life assurance. It is basically a decreasing term life insurance policy taken by a mortgagor to repay the balance on a mortgage loan if he/she dies before its full repayment.