Accident Sickness and Unemployment Insurance
mortgage glossary
Accident Sickness and Unemployment Insurance is an insurance that can be put in place with a new or existing mortgage to protect the mortgage payments in the event of sickness, accident or unemployment. Usually it lasts for 12 months or until the insured recovers and returns to work. Accident Sickness and Unemployment Insurance is often shortened to ASR or ASU.
Before April 1995, you could qualify for long-term sickness benefit if you were rendered incapable, by illness or disability, of doing your own job of work. Now the rules state that you will only qualify for long-term sickness benefit if you cannot do any job of work.
|
 |
