GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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claims
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credit life
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retrocession
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retrospective rating
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Detailed explanation-1: -Credit life insurance – This type pays off your credit card balance in the event of your death. This keeps your loved ones from having to pay your outstanding credit card balance out of your estate or worse, out of their pocket.
Detailed explanation-2: -Generally, Credit-liked Life Insurance (CLI) is a life insurance policy linked to credit given to customer(s) from a Provider in order to secure the customer’s debt in case of death of the customer(s).
Detailed explanation-3: -Also called accident and health insurance, this type of credit insurance pays a monthly benefit directly to a lender equal to the loan’s minimum monthly payment if you become disabled. For some credit card holders, credit insurance may be a costly feature in comparison to its benefits.