Why PMI?

[Julie Marquez]

On conventional loans, private mortgage insurance (PMI) is required with less than a 20% down payment. But what is PMI and what is it playing for and who is getting the money? What insurance do I get for paying PMI fees monthly? I'm just baffled my the whole concept.

If I were to get a conventional loan with PMI, what are the requirements to get that removed in the future? Are there benefits for putting more down just to avoid PMI? My goal is to hold on to this house as long as possible.