The mortgage insurance in the insurance market contains new clauses, which increases the responsibility of repayment guarantee for the insured. The agreed repayment person died or was disabled due to accidental injury during the insurance period, and lost all or part of the repayment ability, resulting in failure to perform or not fully perform the repayment obligations agreed in the loan contract for three consecutive months. The insurance company will bear all or part of the repayment of the bank loan balance in accordance with the prescribed proportion. At the same time, the contract lists the corresponding death and the reimbursement ratio of different disability levels. At present, the mortgage insurance in Shanghai market is mainly "Shanghai Personal Mortgage Comprehensive Insurance", including property liability insurance and repayment liability insurance.
Mortgage insurance has always been known as the "overlord clause", mainly because of its compulsory purchase system, and the first beneficiary of insurance is the bank and the second beneficiary is the buyer, but the premium is entirely borne by the borrower-this is a rule that consumers have to abide by if they want to borrow money.