credit life insurance

insurance guaranteeing payment of the unpaid portion of a loan, in the event of the debtor's death.

Australian English dictionary. 2014.

Look at other dictionaries:

  • Credit Life Insurance — A life insurance policy designed to pay off a borrower s debt if that borrower dies. The face value of a credit life insurance policy decreases proportionately with an outstanding loan amount as the loan is paid off over time until both reach… …   Investment dictionary

  • credit life insurance — noun : insurance on the life of a debtor under an installment purchase contract relieving the debtor s estate of further payments in event of his death * * * insurance guaranteeing payment of the unpaid portion of a loan if the debtor should die …   Useful english dictionary

  • credit life insurance — insurance guaranteeing payment of the unpaid portion of a loan if the debtor should die. * * * …   Universalium

  • Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… …   Wikipedia

  • credit life, accident, and health insurance — Term insurance on lives of debtors, with the creditors of the insured debtor as beneficiary. The amount payable on death of insured debtor is an amount at least sufficient to discharge debtor s indebtedness; and in event of total permanent… …   Black's law dictionary

  • Whole life insurance — Whole Life Insurance, or Whole of Life Assurance (in the Commonwealth), is a life insurance policy that remains in force for the insured s whole life and requires (in most cases) premiums to be paid every year into the policy. Contents 1 History… …   Wikipedia

  • Term life insurance — or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client… …   Wikipedia

  • Universal life insurance — Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each… …   Wikipedia

  • Metropolitan Life Insurance Company Tower — Not to be confused with MetLife Building. Metropolitan Life Insurance Company Tower Alternative names Met Life Tower Metropolitan Life Tower …   Wikipedia

  • New York Life Insurance Company — Type Mutual Industry Insurance: Life Annuity Founded 1845 …   Wikipedia

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