Tom’s life insurance has no cash surrender value. It mustbeStraight lifeLimited-payment life insurance...

Tom’s life insurance has no cash surrender value. It must be

Straight life
Limited-payment life insurance
Endowment
Term life insurance

An acceleration of the debt

Makes the entire amount of the debt due for immediate payment
Increases the monthly payment amount
Makes the repayment period of the entire debt one year
Increases the interest rate

In which type of mortgage is the loan repaid when the borrower dies or the property is sold?

Balloon-payment mortgage
Reverse mortgage
Conventional mortgage
Variable-rate mortgage

A _ loan is that which deliberately misstates the qualifications of a borrower to push a loan through the approval process.

NINJA
Subprime
Home equity
Liar

Expert Solution

D. Term life insurance is the life insurance which Tom has. As its Term life insurance which does not have a cash surrender value.

B. Increases the monthly payment amount is something that an acceleration of the debt does. Whereas the remaining ones are not applicable in this context.

B. Reverse mortgage is the type of mortgage is the loan repaid when the borrower dies or the property is sold.

D. Liar loan is that which deliberately misstates the qualifications of a borrower to push a loan through the approval process. Whereas the remaining ones are not relevant in this context.

keosha answered 2 years ago

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