MORTGAGE INSURANCE POLICY – In life and medical health insurance, a policy the benefits from that are intended to repay the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the dying or incapacity of the insured. LOSS OF USE INSURANCE – Coverage to compensate an insured for the loss of use of property if it can’t be used because of a peril lined by the coverage. LIMIT OF LIABILITY – The maximum amount which an insurance coverage firm agrees to pay in case of loss.
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