Mortgage Disability Insurance:

A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time. Exec-Amort™ Loan Amortization Plus for Windows™ allows for the collection of insurances along with regularly scheduled payments as part of the loan amortization. As a reoccurring charge, Mortgage Disability Insurance adds a FEE onto the regularly scheduled loan payments. This charge will not affect the principal balance nor any interest due. It will affect the APR, Yield, Loan Price, and/or NPV.