Definitions for "Credit Health Insurance"
A form of health insurance to provide payments in case of disablement of debtors with respect to the amount owed on installment loans. If the debtor becomes disabled, the insurance will provide continued monthly payments, either to the end of the loan or for a specified number of months.
A form of disability income insurance issued to a creditor on the life of a debtor. In the event that the debtor becomes disabled, the insurance policy pays the insured debt payment to the creditor.
A contract that is for group disability income insurance, where a creditor is shielded in the event that a debtor becomes disabled. The disability policy will be responsible for monthly payments to the creditor.
A form of health insurance on a borrower, usually under an installment purchase agreement. The benefits cover the obligations of the borrower and are payable to the creditor.