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• Term life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines. In the event the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.

  State of New Jersey, Department of Banking & Insurance - Cite This Source - This Definition
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  Cite Definition for Mortgage life insurance

  American Psychological Association (APA)

  Mortgage life insurance. (n.d.). Glossary of Common Mortgage Terms. Retrieved March 28, 2023, from website: http://www.expertglossary.com/definition/mortgage-life-insurance.

  Chicago Manual of Style (CMS)

  Mortgage life insurance. www.newjersey.gov. Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. http://www.expertglossary.com/definition/mortgage-life-insurance (accessed: March 28, 2023).

  Modern Language Association (MLA)

  "Mortgage life insurance." Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. 28 March. 2023 http://www.expertglossary.com/definition/mortgage-life-insurance.

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