Accident, Sickness and Unemployment Insurance
Sometimes referred to as A.S.R. - accident, sickness and redundancy insurance, this is an insurance policy which is taken out by the borrower and protects against the borrower being unable to work for these reasons. The policy will usually pay normal monthly mortgage repayments if the borrower is unable to work due to accident / sickness or unemployment / redundancy. These payments will normally only be made for a limited period of time - typically 6/12/24 months. The terms of these policies and the cost can vary considerably from company to company. Back to Glossary
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