Lenders require Canada Mortgage and Housing Corporation insurance on high ratio mortgages. What is the primary purpose of thisinsurance?

A.

Life insurance for the borrowers to make sure they can pay off the house if one of them dies

B.

Insurance for the lender to protect their collateral in case the borrower defaults and the home has declined in value

C.

Disability insurance for the borrowers to make sure they can pay off the house if one of them can no longer work

D.

Insurance for the borrower in the event of foreclosure to compensate them for the full price they paid for the home