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LSDefine

Simple English definitions for legal terms

credit insurance

Read a random definition: Mistrial

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

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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