Credit insurance definition

Credit insurance means insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation.
Credit insurance means both credit life insurance and credit accident and health insurance.
Credit insurance means an agreement between an insurer, on one hand, and a credit provider or a consumer or both, on the other hand, in terms of which the insurer agrees to pay a benefit upon the occurrence of a specified contingency, primarily for the purpose of satisfying all or part of the consumer’s liability to the credit provider under a credit agreement as at the time that the specified contingency occurs, and includes

Examples of Credit insurance in a sentence

  • Credit insurance, including life, disability, property, unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed protection of assets, and any other form of insurance offered in connection with an extension of credit that is limited to wholly or partially extinguishing the obligation which the Commissioner determines should be considered as limited-line credit insurance.

  • It has been observed that this can lead in certain cases to defaults and would therefore trigger Credit insurance policies.- Crime policies including Kidnap & Ransom can in some cases also cover implicitly cyber extortion.

More Definitions of Credit insurance

Credit insurance means surety insurance under which mortgagees and other
Credit insurance means life, accident, health, disability, involuntary ---------------- unemployment or other insurance of an Obligor to Seller to insure payment of any amount owing by such Obligor under an Account and which proceeds of such insurance are payable to Seller upon such Obligor's death, disability or involuntary unemployment.
Credit insurance means credit insurance or other similar credit enhancement with respect to a Receivable supporting payment of such Receivable or the creditworthiness of the related Dealer.
Credit insurance means the lines of insurance defined in §§ 38.2-103, 38.2-108, 38.2-122.1, and
Credit insurance means credit life insurance, credit disabil- ity insurance, or both, but does not include any insurance for which there is no identifiable charge.