Joshua recently purchased a new home.His lender required him to purchase credit life insurance on the loan in the event that he died before the mortgage is paid off.What is the loan clause that allows his lender to require him to purchase this additional insurance?

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The insurance agreement clause is a standard clause in a mortgage agreement that allows the lender to require the borrower to purchase additional insurance to protect the lender's interest in the property. In this case, the lender required Joshua to purchase credit life insurance on the loan in the event of his death, which is a form of insurance that pays off the loan balance if the borrower dies before the loan is fully repaid.

Joshua Recently Purchased a New Home