[G038]

group credit life insurance

Life insurance coverage designed to protect lenders should any of their borrowers become disabled or die. The limit of insurance is written on the total amount that the lender has outstanding to borrowers, but the lender will receive only the amount of the balance of the outstanding loan of each borrower who becomes disabled or dies, as the event occurs.

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100