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Credit Life and Disability Insurance

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Credit Life and Disability Insurance
A contract binding an insurance company to pay the principal plus Interest on a loan in the event of the insured's death or insurance to make payments in the event of disability.
    
This insurance is offered to applicants on most loans but is not a requirement to obtain a loan. Credit life and disability is not offered on the Personal Line of credit and there are maximum benefits associated with the coverage.

A type of Real Estate credit in which the homeowner borrows against the value of his or her residence. A home Equity lien could be a 1st lien if the home is paid for, a 2nd lien if there is already a 1st mortgage, or, more uncommonly, could be a 3rd lien if the borrower has a home mortgage and home improvement loan.
Posted by  LISA Life Insurance Settlement Association
 
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