indemnity insurance
Definition
In mortgage loans, an insurance policy paid-for by a borrower (the mortgagor) but meant for the protection of the lender (the mortgagee) if the borrower fails to pay the loan as agreed upon. In case of a default, the insurance company pays off the loan balance and then claims that amount from the borrower (suing him or her if required).
indemnity insurance is in the Banking, Commerce & Finance, General, Marine, & Life Insurance and Real Estate & Buildings subjects.
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