Credit Life definition

Credit Life. Premium: $ ________________ _____ Credit Disability: Premium: $ ________________ _____ Joint Credit Life: Premium: $ ________________ _____ Joint Credit Disability: Premium: $ ________________ I want the Credit Insurance specified above:
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Credit Life means a life insurance policy written under the Credit Life class of life insurance business as set out in Table 1of Schedule 2 of the Insurance Act;
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Credit Life. Means insurance on the lives of borrowers pursuant to or in connection with Insurance” a specific or other Credit Transaction. 1.2 “Coverage” : Means the benefit available to an Insured Member under the Group Policy 1.3 “Creditor” : Means the lender of money for which payment is arranged through a Credit Transaction. 1.4 “Borrower” : Means a borrower of money for which payment is arranged through a Credit Transaction. 1.5 “Credit Transaction” : Means any transaction by the terms of which the repayment of credit card limit or outstanding amount due on credit card, is to be made at a future date or dates. 1.6 “Group Policy : Means the Creditor who is the owner of the Group Policy, with a minimum of Holder” 50 (fifty) members, as stated in the Schedule. 1.7 “Eligible Member” : Means such Borrower(s) who meet the eligibility criteria as stated in the Schedule and thus become eligible to be covered. 1.8 “Insured Member ” : Means an Eligible Member who is covered under the Group Policy. 1.9 “Effective Date of : Means the date on which the Group Policy takes effect. Group Policy” 1.10 “Effective Date of : Means the date an Eligible Member becomes an Insured Member under this Coverage” Group Policy which is provided in the COI. 1.11 “Nominee” : Means the person(s) or entities nominated by the Insured Member and whose name(s) appear in the Certificate of Insurance. 1.12 “Installment Credit : Means a credit limit with an agreement made in writing between, and duly Agreement” executed by or on behalf of a Borrower and the Group Policy Holder, which requires payments of the sums due in equated monthly Installments or such other frequency of payment, as agreed between the Creditor and Borrower. 1.13 “Installment” : Means the periodic payment including interest charges. 1.14 “Repayment Period” : Means the period during which the Borrower shall be required under the terms of an Installment Credit Agreement to make equal monthly payments of the sums due there-under. 1.15 “Initial credit limit : Means the amount available to a Borrower(s) at the commencement of an Amount” Installment Credit Agreement. 1.16 “Outstanding : Means the amount due from an Insured Member to the Group Policyholder Amount” under an Installment Credit Agreement at any point in time during the term of this Policy 1.17 Scheduled Means the amount of Coverage on the limit of credit card and is as shown in Outstanding the Certificate of Insurance. The Scheduled Outstanding Amount is prepared
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Examples of Credit Life in a sentence

  • Individual and Group Credit Life are combined and included on page.

  • Contracts prepared in advance of a borrower’s signature shall not automatically include credit life, health, disability or other insurance.5.2 Credit Life and Health Insurance5.2.1 A licensee may offer credit life and health insurance to qualified borrowers.

  • The amended agreement will not create a new Loan Agreement or new Credit Life Insurance unless clearly stated.

  • Credit Life and/or Disability Insurance: The purchase of credit life and/or disability insurance by a borrower is NOT required as a condition of making this proposed loan.

  • If previously elected, Credit Life and/or Credit Disability premiums will continue being added to the loan during the extended term in order for benefits to continue.

  • Credit Life, one buyer Credit Disability, one buyer $ $ Credit Life, both buyers Credit Disability, both buyers $ $ Term Term [Optional additional sentence for balloon payment contracts:] Credit Life Insurance is for the scheduled term of this contract.

  • Credit Life and Expiration – In some fields knowledge progresses at a rate where past courses taken become obsolete.

  • Reverse stress scenarios exhibit combinations of Market, Credit, Life, P&C and Operational events (occurring simultaneously) that would lead to a loss amount equal to the Solvency Capital Requirement.

  • Credit Life, Accident and Health Insurance–Compensation to Creditors and Agents (Repealed)(Repealed by Department of Insurance; filed Sep 9, 2002, 3:00 p.m.: 26 IR 26) Rule 15.

  • Accordingly, the Applicant shall be liable for each monthly instalment amount (which includes that portion of the capital amount payable, interest thereon, that portion of the initiation fee which is due (to the extent that it was not paid upfront) and the monthly service fees) together with the monthly premium payable in respect of the Credit Life Insurance (if applicable).


More Definitions of Credit Life

Credit Life means a policy designed to pay off a borrower's debt if that borrower dies.
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Credit Life. The monthly escrow deposit for any Loan purchased hereunder will not include any amounts collected to pay premiums for disability, accident and health, credit life, or other term insurance for the borrowers. Seller shall see that any such insurance is either terminated or that arrangements are made so that the borrowers pay directly to the insurer any such insurance premiums becoming due and payable on or after the Delivery Date, thereby insuring that Principal Residential shall have no responsibility for any such insurance or premium payments. Seller agrees to indemnify and hold Principal Residential Exhibit 10.93 and any subsequent assignee harmless from and against any loss or damage, including attorney fees and costs, resulting from any action alleging coverage under any such insurance.
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Related to Credit Life

  • Credit Line as defined in Section 2.1.

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Credit Limit means the total dollar amount of the Account which we approved and which you may borrow against according to the terms of this Agreement.

  • Revolving Credit Limit has the meaning set forth in the Schedule.

  • Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Letter of Credit Limit means $5,000,000.

  • Revolving Credit Maturity Date means the earliest of (a) May 24, 2012, or (b) such earlier date upon which the Outstanding Amounts under the Revolving Credit Facility, including all accrued and unpaid interest, are required to be paid in full, and all Revolving Credit Commitments terminated, in accordance with the terms hereof.

  • FTR Credit Limit means the amount of credit established with PJMSettlement that an FTR Participant has specifically designated to be used for FTR activity in a specific customer account. Any such credit so set aside shall not be considered available to satisfy any other credit requirement the FTR Participant may have with PJMSettlement.

  • Swingline Participation Amount as defined in Section 2.7(c).

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

  • Revolving Loan Maturity Date means March 31, 2003.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Credit-Limited Offer means a Sell Offer that is submitted by a Market Participant in an RPM Auction subject to a maximum credit requirement specified by such Market Participant.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time.

  • Revolving Line Maturity Date is that date which is two (2) years following the Effective Date.

  • Revolving Maturity Date means the fifth anniversary of the Effective Date.

  • Revolving Credit Percentage as to any Revolving Credit Lender at any time, the percentage which such Lender's Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender's Revolving Credit Loans then outstanding constitutes of the aggregate principal amount of the Revolving Credit Loans then outstanding).

  • Multicurrency LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Multicurrency Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Multicurrency LC Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage of the total Multicurrency LC Exposure at such time.

  • Swingline Maturity Date means, with respect to any Swingline Loan, the date that is five Business Days prior to the Revolving Credit Maturity Date.

  • Swing Loan Maturity Date means, with respect to any Swing Loan, the earlier of (a) thirty (30) days after the date such Swing Loan is made, or (b) the last day of the Commitment Period.

  • Credit Line Agreement means the related credit line account agreement for a Mortgage Loan executed by the related mortgagor and any amendment or modification of it.

  • Revolving Line of Credit means the Commitments of the Lenders to make Revolving Loans pursuant to Section 3 of this Financing Agreement and assist the Companies in opening Letters of Credit, Bankers Acceptances, Steamship Guarantees and Airway Releases pursuant to Section 5 of this Financing Agreement, in an aggregate amount equal to $250,000,000.

  • Revolving L/C Exposure of any Class shall mean at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit applicable to such Class outstanding at such time (calculated, in the case of Alternate Currency Letters of Credit, based on the Dollar Equivalent thereof) and (b) the aggregate principal amount of all L/C Disbursements applicable to such Class that have not yet been reimbursed at such time (calculated, in the case of Alternate Currency Letters of Credit, based on the Dollar Equivalent thereof). The Revolving L/C Exposure of any Class of any Revolving Facility Lender at any time shall mean its applicable Revolving Facility Percentage of the aggregate Revolving L/C Exposure applicable to such Class at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices, International Chamber of Commerce No. 590, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

  • Credit Obligations means all principal, interest, fees, reimbursements, indemnifications, and other amounts now or hereafter owed by the Borrower to the Agent and the Banks (or with respect to the Interest Hedge Agreements, any Affiliates of the Banks) under this Agreement, the Notes, the Letter of Credit Documents, and the other Credit Documents and any increases, extensions, and rearrangements of those obligations under any amendments, supplements, and other modifications of the documents and agreements creating those obligations.

  • Revolving Credit means the credit facility for making Revolving Loans and Swing Loans and issuing Letters of Credit described in Sections 1.2, 1.3 and 1.7 hereof.