Credit Insurance
- This topic is empty.
-
Posts
-
japjotsingh99
Credit insurance is insurance that is sold with a credit obligation or loan. If you lose your job or become unable to work due to some type of disability and these events prevent you from making the necessary loan payments. Credit insurance protects the lender from your inability to repay the loan by making payments to the lender on your behalf. There are four main types of credit insurance:
Credit Life Insurance: Pays off all or some of your loan if you die during the term of coverage.
Credit Disability Insurance: It pays a limited number of monthly payments on a specific loan if you become ill or injured and cannot work during the term of coverage.
Credit Involuntary Unemployment Insurance: It pays a specified number of monthly loan payments if you lose your job due to no fault of your own, such as a layoff, during the term of coverage.
Credit Property Insurance: Protects personal property used to secure the loan if destroyed by events like theft, accident or natural disasters during the term of coverage.
Sent from my SM-J700F using
Actuarial Info mobile app
- You must be logged in to reply to this topic.