DETAILS
Coverage Period
Twelve (12) months from the closing date of the mortgage.
Maximum Benefit
The lesser of the actual mortgage payment (PITI) or $1,800 per month.
Benefit Period
Up to a maximum of six (6) payments during the twelve (12) month coverage term.
Vesting Period
Sixty (60) days from mortgage closing date (if purchaser becomes unemployed during this Vesting Period, there is no coverage for this occurrence of unemployment).
Waiting Period
Thirty (30) days from commence-ment of unemployment.
Eligibility
a) 18 to 66 years of age
b) Employed full time (minimum 30 hours/week) at time of mortgage closing
c) Cannot be self-employed
d) Must reside in U.S.
Contribution Clause
When joint mortgagors are involved, benefit amount will be based on the percentage the unemployed person's income is to total qualifying income at the time of mortgage closing.
Conditions
a) Unemployment must commence during coverage period
b) Coverage is limited to payments due 30 days after unemployment begins
c) Claimant must qualify for state unemployment benefits
d) Claims payments cease immediately upon re-employment
e) In the event of subsequent unemployment, a new 30 day Waiting Period applies
Exclusions
a) Voluntary unemployment
b) Disability or medical (mental or physical)
c) Reasons listed for denial of unemployment benefits
d) Borrowers that are self-employed or are aware of a pending lay-off
e) Strike/Lockout | 
