Credit Life definition

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. 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 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

  • 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 Insurance, Credit Disability Insurance and Debt Cancellation Coverage (GAP Coverage): If you indicated in Section B that you want optional credit life insurance, credit disability insurance or debt cancellation coverage (GAP coverage), or any combination thereof, you agree to pay for such insurance at the premium shown in Section B.

  • Credit Life or Credit Disability Insurance is not required as a condition of credit.

  • If I choose voluntary Credit Life and/or Credit Disability Insurance, the premiums for such coverage will be added to my outstanding balance.

  • Penalty Fees Late Payment $20.00 Returned Payment $20.00 Other Fees Optional Account Protection Plan Credit Life: $0.07 per $100 balance at the end of each statement period.

  • If you have any form of voluntary insurance or warranty coverage in connection with the loan on which you seek to skip a payment you should ensure your election to skip does not affect your coverage (examples include but are not limited to: Credit Life, Credit Disability, GAP, Vehicle Warranty in connection with your loan – not manufacturer or other warranty).

  • Joint Credit Life Coverage - Premium per thousand per month is $0.96.

  • Insurer: Credit Life AG, established at the Xxxxxxxxxxxxx Xxxxxxxxxx 000, 0000 XX Xxxxxxxxx, Xxxxxxxxxxx.

  • I can voluntarily elect to purchase Credit Life and/or Credit Disability Insurance.

  • If your loan is protected with Credit Life and/or Disability insurance, the monthly premium will still be added to the loan during the month the loan payment is skipped.


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.

  • 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) the Revolving Credit Stated Maturity Date, (b) the date of the termination of the Aggregate Revolving Credit Commitments pursuant to Section 2.07 and (c) the date of the termination of the Aggregate Revolving Credit Commitments and of the obligation of L/C Issuer to make L/C Credit Extensions and the acceleration of the Revolving Credit Loans pursuant to Section 8.03.

  • 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, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such 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 April 15, 2012, unless extended by Lender pursuant to any modification, extension or renewal note executed by Borrowers and accepted by Lender in its sole and absolute discretion in substitution for the Revolving Note.

  • 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 Multicurrency Credit Exposure means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Syndicated Loans, and its LC Exposure and Swingline Exposure, at such time made or incurred under the Multicurrency Commitments.

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

  • Revolving Maturity Date means the day before the first anniversary of the Closing 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 Maturity Date.

  • Swing Loan Maturity Date means, with respect to any Swing Loan, the earlier of (i) the last day of the period for such Swing Loan as established by the Swing Line Lender and agreed to by the Borrower, which shall be less than seven (7) Business Days, and (ii) the Revolving Facility Termination Date.

  • 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 Standard 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 obligations of the Borrowers to the Lender Parties arising under or in connection with or in respect of the Credit Documents, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

  • 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.