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Glossary and terms about credit cardsHome » Credit Card Glossary
Credit Life Insurance
Term life insurance that pays off the balance of a loan if the borrower dies. Usually sold by banks or finance companies to their customers at the point of sale.Credit life insurance is sold on a group or individual basis, and usually is purchased to cover small loans of short duration. When issued under a group policy, a certificate is issued to the debtor, the master policy being issued by the creditor. The face value of a credit life insurance policy decreases in proportion to the reduction in the loan amount until both equal zero.