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What is debt-protection insurance?

Updated: 9/19/2023
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12y ago

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Debt protection insurance is often sold in conjunction with a major purchased that is financed by the buyer. An example would be a car loan. The insurance covers contingencies such as death or disability resulting in the borrower's (the insured's) inability to make the scheduled payments on the loan. The creditor is the loss payee. Mprmally, the premium for the insurance is incorporated into the loan.

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12y ago
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