Final answer:
A mortgagee's policy of title insurance remains valid for the lifetime of the mortgage, which often spans 15 to 30 years, protecting the lender against title defects.
Step-by-step explanation:
A mortgagee's policy of title insurance protects the lender from financial loss due to defects in the title to a property. Unlike other types of insurance policies that may have to payout when a car is damaged or stolen, medical expenses are incurred, or a dwelling is damaged or burglarized, a mortgagee's policy generally lasts for the entire duration of the mortgage loan. This means that the insurance is valid until the loan is fully repaid, which can typically be a 15 or 30-year term.