CREDIT INSURANCE
\kɹˈɛdɪt ɪnʃˈʊ͡əɹəns], \kɹˈɛdɪt ɪnʃˈʊəɹəns], \k_ɹ_ˈɛ_d_ɪ_t ɪ_n_ʃ_ˈʊə_ɹ_ə_n_s]\
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Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.
By Oddity Software
Word of the day
hydromorphic
- [Greek] Structurally adapted to an aquatic environment, as organs of water plants.