Question

What is the primary purpose of Mortgage Redemption Insurance (MRI)?

a.

To protect the property against damage or loss

b.

To ensure the home loan borrower's life is insured

c.

To repay the balance on a mortgage loan if the borrower dies

d.

To provide financial assistance for home renovations

Posted under IC38 Life Insurance Agent Exam

Answer: (c).To repay the balance on a mortgage loan if the borrower dies Explanation:MRI's primary purpose is to repay the balance on a mortgage loan if the borrower dies before its full repayment.

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Q. What is the primary purpose of Mortgage Redemption Insurance (MRI)?
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