Creditor Insurance
Definition
- Insurance that will repay debts in the event of the borrower's death, disability, critical illness, or job loss.
Synonyms
debt repayment insurance
Related Terms and Acronyms
- 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.
- 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.
- 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. - Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
- 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.
