Types of Mortgage Insurance Youll Encounter
When you finish your adjuster training, get your insurance adjuster license, and start working in the field, you’ll most likely encounter a wide range of insurance products. One of these is mortgage protection insurance, which can be classified into several types.
One of the most common types is private mortgage insurance. This protects the lender in case the borrower defaults and doesn’t fully repay his loan. With this insurance in place, the lender can recover at least part of the amount he lent to the borrower, and he’ll reduce the risk of going out of business. Another type is jobless mortgage insurance, which pays the mortgage when the borrower becomes unemployed. This can be greatly helpful since it ensures that the borrower can keep his house while looking for another job and won’t become homeless.
As a Texas adjuster, you may encounter some mortgage insurance policies come with a critical illness provision. This means that, aside from safeguarding the lender, the insurance also provides a sort of protection to the borrower, which is important particularly if he’s the breadwinner of the family. This type of cover will repay the mortgage in case the borrower passes away or if he gets diagnosed with a critical illness and becomes too sick to work. It will also give him a benefit if he becomes unable to perform activities of daily living (such as bathing and toileting) due to an illness or an accident.
To be best prepared for mortgage insurance claims or really, any other type of insurance claim, register for either the Texas All Lines or Texas Property & Casualty course with (TXALA) Adjuster License Online, and start living life on your terms.
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