Tuesday, July 18, 2006
Credit Insurance is still expensive !
Credit Insurance can be defined as an insurance policy that benefits a borrower in terms of a loan or credit line reimbursing all the monies owed by him in the event of his death, disability, or unemployment. The monthly premium associated with this type of insurance is calculated upon the balance owned by the borrower or the credit line or loan offered to him. This is a form of insurance where the insurance premium is largely affected by the effectiveness with which the lender is handling it. Credit Insurance is usually a more expensive means of covering one's credit balance than the Term Life Insurance policy or Disability Insurance Policy. The sub prime lending industry indulges in a different form of credit insurance known as the single premium credit insurance where in the borrower is needed to payhe premium only once during the issue of the loan. Large corporations often purchase another form of credit insurance known as the Trade Credit Insurance in order to protect their accounts receivable from loss due to the insolvency of the debtors. # posted by Insurance Blogger @ 4:50 AM 
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