Credit Life definition

Credit Life means a life insurance policy written under the Credit Life class of life insurance business as set out in Table 1of Schedule 2 of the Insurance Act;

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Credit Life. Premium: $ ________________ _____ Credit Disability: Premium: $ ________________ _____ Joint Credit Life: Premium: $ ________________ _____ Joint Credit Disability: Premium: $ ________________ I want the Credit Insurance specified above:

Credit Life. Means insurance on the lives of borrowers pursuant to or in connection with Insurance” a specific or other Credit Transaction. 1.2 “Coverage” : Means the benefit available to an Insured Member under the Group Policy 1.3 “Creditor” : Means the lender of money for which payment is arranged through a Credit Transaction. 1.4 “Borrower” : Means a borrower of money for which payment is arranged through a Credit Transaction. 1.5 “Credit Transaction” : Means any transaction by the terms of which the repayment of credit card limit or outstanding amount due on credit card, is to be made at a future date or dates. 1.6 “Group Policy : Means the Creditor who is the owner of the Group Policy, with a minimum of Holder” 50 (fifty) members, as stated in the Schedule. 1.7 “Eligible Member” : Means such Borrower(s) who meet the eligibility criteria as stated in the Schedule and thus become eligible to be covered. 1.8 “Insured Member ” : Means an Eligible Member who is covered under the Group Policy. 1.9 “Effective Date of : Means the date on which the Group Policy takes effect. Group Policy” 1.10 “Effective Date of : Means the date an Eligible Member becomes an Insured Member under this Coverage” Group Policy which is provided in the COI. 1.11 “Nominee” : Means the person(s) or entities nominated by the Insured Member and whose name(s) appear in the Certificate of Insurance. 1.12 “Installment Credit : Means a credit limit with an agreement made in writing between, and duly Agreement” executed by or on behalf of a Borrower and the Group Policy Holder, which requires payments of the sums due in equated monthly Installments or such other frequency of payment, as agreed between the Creditor and Borrower. 1.13 “Installment” : Means the periodic payment including interest charges. 1.14 “Repayment Period” : Means the period during which the Borrower shall be required under the terms of an Installment Credit Agreement to make equal monthly payments of the sums due there-under. 1.15 “Initial credit limit : Means the amount available to a Borrower(s) at the commencement of an Amount” Installment Credit Agreement. 1.16 “Outstanding : Means the amount due from an Insured Member to the Group Policyholder Amount” under an Installment Credit Agreement at any point in time during the term of this Policy 1.17 Scheduled Means the amount of Coverage on the limit of credit card and is as shown in Outstanding the Certificate of Insurance. The Scheduled Outstanding Amount is prepared

Examples of Credit Life in a sentence

• Credit Life, one buyer Credit Disability, one buyer $ $ Credit Life, both buyers Credit Disability, both buyers $ $ Term Term [Optional additional sentence for balloon payment contracts:] Credit Life Insurance is for the scheduled term of this contract.

• Credit Life or Credit Disability Insurance is not required as a condition of credit.

• Accordingly, the Applicant shall be liable for each monthly instalment amount (which includes that portion of the capital amount payable, interest thereon, that portion of the initiation fee which is due (to the extent that it was not paid upfront) and the monthly service fees) together with the monthly premium payable in respect of the Credit Life Insurance (if applicable).

• Credit Life Insurance, Credit Disability Insurance and Debt Cancellation Coverage (GAP Coverage): If you indicated in Section B that you want optional credit life insurance, credit disability insurance or debt cancellation coverage (GAP coverage), or any combination thereof, you agree to pay for such insurance at the premium shown in Section B.

• The amended agreement will not create a new Loan Agreement or new Credit Life Insurance unless clearly stated.

• If I choose voluntary Credit Life and/or Credit Disability Insurance, the premiums for such coverage will be added to my outstanding balance.

• Upon Corporation's acceptance of the Contract, Corporation may pay Client amount equivalent to any of the Credit Life Insurance, Accident and Health Insurance and Product Warranty charges.

• If your loan is protected with Credit Life and/or Disability insurance, the monthly premium will still be added to the loan during the month the loan payment is skipped.

• If you have any form of voluntary insurance or warranty coverage in connection with the loan on which you seek to skip a payment you should ensure your election to skip does not affect your coverage (examples include but are not limited to: Credit Life, Credit Disability, GAP, Vehicle Warranty in connection with your loan – not manufacturer or other warranty).

• The benefits otfered include Single Credit Life and/or Single Credit Disability, Joint Credit Life and/or Joint Credit Disability.

More Definitions of Credit Life

Credit Life. The monthly escrow deposit for any Loan purchased hereunder will not include any amounts collected to pay premiums for disability, accident and health, credit life, or other term insurance for the borrowers. Seller shall see that any such insurance is either terminated or that arrangements are made so that the borrowers pay directly to the insurer any such insurance premiums becoming due and payable on or after the Delivery Date, thereby insuring that Principal Residential shall have no responsibility for any such insurance or premium payments. Seller agrees to indemnify and hold Principal Residential Exhibit 10.93 and any subsequent assignee harmless from and against any loss or damage, including attorney fees and costs, resulting from any action alleging coverage under any such insurance.

Credit Life means a policy designed to pay off a borrower's debt if that borrower dies.