GENERAL KNOWLEDGE

Detailed explanation-1: -Notes: Mortgage Insurance is a form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments.

Detailed explanation-2: -Basically, mortgage Insurance guarantees repayment of a mortgage loan in the unfortunate event of the policy holder’s death or disability. Usually 12 months is the tenure of payment of such mortgage insurance (although in some cases it may be higher).

Detailed explanation-3: -Annuity Policy Annuity is paid so long as the assured survives. In annuity policy medical checkup is not required. Annuity is paid so long as the assured survives.

Detailed explanation-4: -Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified term.