Life Insurance Policies
What is the purpose of credit life insurance?
Answer and explanation
Answer: A. Credit life pays the balance of the loan on the borrower's death, protecting both the lender and the borrower's estate from the debt. It does not replace family income, cover unemployment, or insure the collateral's value.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, credit life insurance
More life insurance policies questions
- What does a group underwriter reassess when a plan comes up for renewal?
- What does a life paid-up at sixty-five policy provide?
- What does an actively at work requirement do in a group life plan?
- What does an underwriter examine when assessing a group for life insurance?
- What does it mean for a limited payment whole life policy to be paid up?
- What does level premium term mean?
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