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Accidental deaths are the fifth leading cause of death in the U.S. [1] as well as in Canada. Accidental death insurance is not an investment vehicle and thus clients are paying only for sustained protection. Most policies have to be renewed periodically (with revised terms), although the client's consent with renewal is often implicitly assumed.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen.
Liability insurance. Required by law to pay for injuries or damage you cause to others in an accident. ... this pays the difference between what you owe on your car loan and what your car is worth ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Accidental death and dismemberment (AD&D) insurance provides coverage if you lose a limb or your death is the result of an accident. Between AD&D and term life, term life covers more causes of death.
The first two numbers mean that your insurance helps pay up to $25,000 in bodily injury per person and $50,000 in total bodily injury per accident to cover medical costs for others involved in an ...
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
If the deceased is the sole signer of the loan, the car could be repossessed unless the loan is paid off. If there is a co-signer or co-borrower, they would be responsible for making payments on ...
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