MLchartDataset catalogue

Credit life insurance

Term · Insurance and risk management · MLC-T-INS-001024

A type of life insurance policy designed to pay off a specific debt, such as a mortgage or car loan, if the borrower dies before the debt is fully repaid. The policy's death benefit is typically equal to the outstanding balance of the loan. The coverage amount decreases as the loan balance is paid down.

Table 1. Record
IdentifierMLC-T-INS-001024
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001024",
  "term": "Credit life insurance",
  "field": "Insurance and risk management",
  "definition": "A type of life insurance policy designed to pay off a specific debt, such as a mortgage or car loan, if the borrower dies before the debt is fully repaid. The policy's death benefit is typically equal to the outstanding balance of the loan. The coverage amount decreases as the loan balance is paid down.",
  "url": "https://mlchart.com/terminology/insurance/credit-life-insurance/"
}

Record 829 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.