Insurance on which an application has been taken out, but which is not yet delivered and/or the first premium settled.
Insurance on which an application has been taken out, but which is not yet delivered and/or the first premium settled.
In Life and Health Insurance, a policy covering a mortgagor from which the benefits are intended (1) to pay off the balance due on a mortgage upon the death of the insured, or (2) to meet the payments on a mortgage as they fall due in the case of his death or disability. Also called Mortgage Redemption Insurance.