definition of mortgage protection policy
mortgage protection policy noun [C]. âº an âagreement to make âregular âpayments to an âinsurance âcompany, who will âpay the âamount that you âowe on a âmortgage if you are unable to âpay it.(Definition of mortgage protection policy from the Cambridge Business English Dictionary Â© Cambridge University Press). Browse.1  mortgage lending. an âagreement to make âregular âpayments to an âinsurance âcompany, who will âpay the âamount that you âowe on a âmortgage if you are unable to âpay it. (Definition of mortgage protection policy from the Cambridge Business English Dictionary Â© Cambridge University Press).