Credit life insurance is a type of insurance sold by affiliates of credit card issuers. Those who purchase credit life insurance may, under limited circumstances, have the insurance repay outstanding card balances in the event of the death of the primary cardholder.

This is a special type of coverage usually designed to pay off a loan or charge account balance if the policyholder dies. Some lenders or sellers may require credit life insurance before they will approve a loan. If credit life is required, the lender or seller cannot require the policyholder to purchase it from them or a particular insurance compa [..]

Term life insurance that pays off the balance of a loan if the borrower dies. Usually sold by banks or finance companies to their customers at the point of sale.

Usually a term life-insurance policy on the life of a borrower, and a lender as the beneficiary. It pays the lender a specified amount if the borrower dies before full repayment of the loan.

Insurance issued to a lender to cover the life of a borrower for an outstanding loan.

Definition A type of insurance, often bought by mortgagors, 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 even [..]

A term insurance that decreases by nature. The purpose is to pay the balance due on a loan in a situation where the borrower dies before the loan is repaid.

A policy designed to insure the balance of the primary cardholder is repaid in the case of death. This insurance can be purchased upon being issued credit by the primary cardholder.

policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor.

A type of life insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage. See also Credit Life Insurance

A form of decreasing term insurance that covers the life of a debtor and pays the proceeds to the creditor. See Decreasing Term Insurance.

An insurance policy that may be purchased by the borrower to provide protection in the event of death. The insurance company may pay off the account according to the terms of the policy. This protects [..]

This is a life insurance policy that is taken out by a borrower. In the event that the insured borrower dies during the term of the loan, the insurance will pay off a specified amount of the loan. With regard to vehicle loans, Credit Life Insurance policies usually pay the remaining loan balance at the time of the death of the insured.

A type of life insurance that will help make payments on the loan if the consumer becomes disabled. This coverage is optional. The cost of the policy is sometimes rolled into the loan principal amount [..]

According to 12 CFR 2.2 [Title 12 Banks and Banking; Chapter I Comptroller of the Currency, Department of the Treasury; Part 2 Sales of Credit Life Insurance], credit life insurance means "credit [..]

Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option [..]

Term life insurance issued through a lender or lending agency to cover payment of a loan, installment purchase, or other obligation, in case of death.

Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.

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 [..]

Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option [..]

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.

Term Life Insurance issued through a lender or lending agency to cover payment of a loan, installment purchase, or other obligation, in case of death.

Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option [..]

Life insurance issued on the lives of borrowers to cover payment of loan balances in case of death. It is usually handled through a lending office and may be written as either group insurance or indiv [..]

Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.

Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option [..]

A type of insurance that pays off a loan if one of the borrowers dies while the policy is in force.

Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.