Q436
Mortgage redemption insurance (MRI) can be categorised under _________.
A.
Increasing term life assurance
B.
Decreasing term life assurance
AnswerC.
Variable life assurance
D.
Universal life assurance
Answer: Option B
Solution
Answer: Option B
Solution:
Mortgage redemption insurance (MRI) can be categorised under decreasing term life assurance. It is basically a decreasing term life insurance policy taken by a mortgagor to repay the balance on a mortgage loan if he/she dies before its full repayment.