Credit life insurance Sunday, June 18, 2006
A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.
A type of insurance, often bought by borrowers, that will pay off the debt if the borrower dies while the policy is in force.
A form of insurance which is designed specifically to pay out the debts of the insured person in case of their death.
insurance on the life of a borrower that pays off a specific amount of debt or a specified credit account if the borrower dies.
A group life insurance contract whereby a creditor is protected in the event of death of the insured prior to the indebtedness being paid in full.
This is a special type of coverage usually designed to pay off your loan or charge account balance if you die. Some lenders or sellers may require credit life insurance before they will approve your loan. If credit life is required, the lender or seller cannot require you to purchase it from them or a particular insurance company.
Insurance that pays off a mortgage in the event of the borrower's death.
A single or recurring premium term life insurance policy taken out by borrowers. Its purpose is to cover payment of outstanding loan balances in the event of their dying, or on the happening of other specified events. This class of business is sold in both the life and short term insurance industries.
Life insurance that insures all or a portion of the indebtedness if the insured dies during the term of the coverage.
A type of insurance, often offered by lenders in which the amount of the policy matches the loan balance at any given time, designed so that the loan will be paid off in full in the event of the death of the borrower. No one is required to buy credit life insurance.
life insurance which discharges a cardholder's credit card debt in the event of his death.
Life insurance issued by a life insurance company on the lives of borrowers, payable to the creditors, to cover payment of loans (usually small loans repayable in installments) in case of death. It is usually handled through a lending office and is written on either a group or an individual basis.
posted by your Insurance @ 9:57 AM,
