Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

credit insurance

Read a random definition: comparatist

A quick definition of credit insurance:

Credit insurance is a type of insurance that a borrower buys to protect their lender from losing money if the borrower can't pay back their loan. If the borrower becomes unable to pay due to things like disability, death, or unemployment, the credit insurance company pays off the debt. This helps protect the borrower's credit and their family from having to pay the debt. Credit insurance is usually offered by credit card companies or lenders when someone applies for a loan or credit card. There are five types of credit insurance, including credit life insurance, credit disability insurance, credit unemployment insurance, credit personal property insurance, and trade credit insurance. The cost of credit insurance is added to the borrower's monthly bill or included in the total cost of the loan.

A more thorough explanation:

Credit insurance is a type of insurance that a borrower can purchase to protect their lender from financial loss if the borrower becomes unable to repay their debt due to insolvency, disability, death, or unemployment.

For example, if someone takes out a loan and then becomes disabled and unable to work, their credit insurance company will pay off the remaining balance of the loan so that the borrower's credit score is not negatively affected and their family is not held liable for the debt.

Credit insurance is often offered as an additional service by credit card issuers or lenders when someone applies for a loan or credit card. The cost of credit insurance is usually added to the borrower's monthly bill or included in the total cost of the loan.

There are five types of credit insurance:

  1. Credit life insurance
  2. Credit disability insurance
  3. Credit unemployment insurance
  4. Credit personal property insurance
  5. Trade credit insurance/family leave or leave of absence insurance

Credit insurance is also known as accounts receivable insurance, bad debts insurance, payment protection insurance, or credit protection.

credit instrument | credit report

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
jackfrost11770
10:31
so off topic but dude eggan the weather here in nyc is insane
babycat
10:31
@BulbasaurNoLikeCardio: I wonder if you know my local psyops guy
m10
10:32
@BulbasaurNoLikeCardio: Yeah but like half the general officers are compromised so we might as well just give this country to China already. The head of the JAG corps used to tell us how much he loved Tiktok and he was a 1 star. These people should be court martialed. I hope Trump follows through on that promise the most.
jackfrost11770
10:32
it was 80 degrees three days ago and now it's like pouring rain sleet and wind
babycat
10:32
@jackfrost11770: we all living the same weather. I’m abt to go to the gym
babycat
10:32
I’m listening to car seat headrest
jackfrost11770
10:33
it's the worst when the weather is this shit and there isn't even any snow like at least let it be aesthetic (although snow in nyc is the opposite of that)
snow
10:33
india ass band
LawDeke
10:33
checking in on Wake Forest. Y'all heard anything?
LSDFan
10:34
@m10 are you FLEP
m10
10:34
@LSDFan: nah lol, I am just using my GI Bill. I do not feel like going back.
LSDFan
10:34
good call
BulbasaurNoLikeCardio
10:34
@m10: 110% agree, china has a truly amazing HUMINT network and espionage skills that much of our military is infiltrated or committing willful negligence of duty in prevent and protection. @babycat: PSYOP is pretty small on the AD side but I left the community to go play with Apaches and drones in 2018/19
milktoast
10:35
Daily check in , stay chillin
Mostlylegal
10:35
anyone touring hls today?
FormerLN
10:35
Same @m10
glovediedthisishismom
10:35
https://open.spotify.com/track/5Ss6DqCldgTmIo6BekVOJT?si=2f204de5813148d7
Mostlylegal
10:36
also my softs are bordering t3-t2. would it be worth for me to R+R if im trying for t4
soap
10:36
Maybe see where you get in, then R&R if you feel it’s necessary?
m10
10:36
Psyop guys will try and convince you they are like secret masterminds. I had this one guy whose wife would call me every week and she would tell me about how her husband just like disappeared and could not be found cus he was a specialy trained psyop officer. I found his phone number and called him the same day online. That woman was gaslit so hard.
babycat
10:37
is t4 HYSC? yeah prob your odds are not too great for those with 3.7 and 171 unless you’re really extraordinary
WorthlessAttractiveZombie
10:37
I agree with soap on this one, just wait it out and see where you get into. You could always transfer (although I wouldn't go in with the intention of transferring)
soap
10:37
Transferring is hard and you don’t get money. I wouldn’t do anything with the intent of transferring
[] texaslawhopefully
10:38
Disagree with the transfer. But, yeah a 3.7, 171 is not HYSC material—so unless you’re a Rhodes scholar, or something it is highly unlikely.
JumpySubsequentDolphin
10:38
did he mean t14
JumpySubsequentDolphin
10:38
I’ve never heard anyone call it t4 hahah
JumpySubsequentDolphin
10:39
I thought it was always t6 and t3
soap
10:39
If you’re aiming for T14, that’s definitely doable
Mostlylegal
10:39
nah t4 is a thing, maybe old ive been on lsa and lsd for like 4 years now lol
m10
10:39
Fuck this all reminds me. I got to call and see if I am still being deposed.
LSD+ is ad-free, with DMs, discounts, case briefs & more.