With mortgage insurance, partial coverage and co-insurance are used synonymously and provide the same degree of coverage.

With mortgage insurance, partial coverage and co-insurance are used synonymously and provide the same degree of coverage.
1) True 2) False

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Expert Solution

2) False

Mortgage insurance

Mortgage insurance is an insurance policy that protects the mortgage lender or titleholder if the borrower defaults on any payments, dies or is unable to meet the contractual obligations of the mortgage.

Partial coverage means our property is not fully covered and we will only get the particular amount of the partial coverage for our property. Here when claim is filed then we need to pay only a portion of it,otherwise we need not pay for full coverage.

coinsurance concept of insurance to value, meaning the ratio of your limit of insurance to the value of your insured property. Coinsurance provision always allow the business to buy enough insurance.If there is no coinsurance then the chance of loss will be high.Coinsurance is about imposing a penalty on policyholders who fail to purchase enough insurance to satisfy the coinsurance percentageas per the declartions.

jeff jeffy answered 2 years ago

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