Credit Life Insurance
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Credit life insurance
A type of insurance used with decreasing term insurance only used when theres a debt or loan that needs to be repaid. - Insurance put in place in case the insurer (borrowerr/ debtor) dies before the debt has been paid.
Payor is the
Borrower / Debtor - responsible to pay the premium
Insured is the
Borrower / Debtor - the one who is covered
Policy owner is the
Creditor - all the rights on policy
Beneficiary is the
Creditor - receives death benefit
