Group credit insurance

{
  "id": "MLC-T-INS-001677",
  "term": "Group credit insurance",
  "field": "Insurance and risk management",
  "definition": "A type of insurance purchased by a lender or creditor that covers the outstanding balance of a loan or debt for a group of borrowers in the event of their death or disability. If a covered event occurs, the insurance pays off the remaining debt, protecting both the borrower's estate and the lender. This coverage is often offered in connection with installment loans or mortgages.",
  "url": "https://mlchart.com/terminology/insurance/group-credit-insurance/"
}