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This question belongs to Commerce Insurance

Insurance

?

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 & Solution

Correct Answer: Option B

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.

Question posted by Examveda

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