A new form of web-based mortgage payment protection insurance is being launched which is said to reward customer loyalty by repaying two months premiums every year the policyholder does not make a claim.
Called MortgageRewards, the policy is designed by Compass Underwriting in conjunction with Assurant Solutions, has launched MortgageRewards, to give the MPPI holder a two-month premium payment holiday for every complete 12-month period they do not make a claim, and the deal is offered every years for the life of the policy. The regular premium ASU product is rated depending on age, pays up to 24 months benefit and is expected to be marketed to the intermediary market through Berkeley Alexander, the wholesale general insurance broker. A series of additional options can be applied to make...
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