Loan Insurance OR Credit Insurance

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Trade Credit Insurance (Business credit insurance, Export credit insurance, or Credit insurance) Insurance coverage that repays the outstanding balance on loans in default beyond a specified period, regardless of the cause of default. Also called "credit insurance" but not to be confused with outstanding balance life insurance. Loan Insurance OR Credit Insurance can be either; A)Borrower Protection Insurance that protects the borrower and their family from the financial burden of repaying debt in case of death, disability, or involuntary unemployment. B)Trade Credit Insurance that protects businesses from potential losses due to unpaid invoices from customers, therefore covers risks like customer bankruptcy, insolvency, or refusal to pay. Here are some common types of loan insurance; Credit life insurance: Covers outstanding loan balance if the borrower dies. Mortgage protection insurance (MPI): Covers mortgage payments if the borrower dies or becomes disabled. Private mortgage insurance (PMI): Required for conventional loans with low down payments, protects the lender if the borrower defaults. Credit disability insurance (CDI): Covers loan payments if the borrower becomes disabled. Guaranteed asset protection (GAP) insurance: Covers the difference between the value of a car and the remaining loan balance if the car is totaled. Credit unemployment insurance (CUI): Covers loan payments if the borrower becomes unemployed. Loan insurance or credit insurance can refer to several different types of coverage, so it's important to clarify which one you're interested in. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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