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Insurance offered to loan and credit card customers that will pay the monthly payments on their debt if they become disabled or the balance of their debt if they die before completing their payments. Lenders may not require this coverage as a condition of granting a loan request.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition- Browse Related Terms: Adjustable Rate Loans, Buy Down, CAP, Commitment, Credit Life & Disability Insurance, fixed-rate mortgage, Hazard Insurance/Homeowners Insurance, index, Margin, Prepayment Penalty (Mortgages), Principal, Interest, Taxes and Insurance (PITI), Variable-Rate Loans