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All of the following statements are true regarding mortgage protection insurance EXCEPT 1. The face amount remains the same throughout the life of the policy. 2. It is used to pay off the balance on the mortgage. 3. The face amount decreases as the amount owed on the mortgage decreases. 4. It’s a decreasing term insurance.

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All of the following statements are true regarding mortgage protection insurance EXCEPT
1. The face amount remains the same throughout the life of the policy.
2. It is used to pay off the balance on the mortgage.
3. The face amount decreases as the amount owed on the mortgage decreases.
4. It’s a decreasing term insurance.

 
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