Creditor Insurance

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • debt repayment insurance

Definition of Creditor Insurance

  1. Insurance that will repay debts in the event of the borrower's death, disability, critical illness, or job loss.

Related Terms and Acronyms

  • Disability Insurance (DI) Acronym, Important,
    • Insurance that covers individuals who develop a condition that hinders their ability to work.
  • Credit Life Insurance Definition,
    • Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Mortgage Life Insurance Definition, Very Important,
    • Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
  • Critical Illness Insurance (CII) Acronym, Very Important,
    • Insurance that covers individuals in the event of a critical or catastrophic illness.
    A health insurance policy rider.
  • Credit Insurance Definition,
    • Insurance that covers borrowers and/or lenders if one is unable to repay debts.
    • A policy that pays off the card debt should the borrower lose his job, die or become disabled. The structure of protection for a revolving credit card debt is calculated each month to cover only the debt that existed at the last billing cycle.
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