Credit Life and Accident & Health Insurance
Credit Life insurance is optional insurance coverage used to repay a debt in case of a borrower's death or dismemberment.
| |
Credit Life |
|
Decreasing |
Age 18 - 65 |
$40,000 - 10 Years |
Age 66 - 70 |
$5,000 - 5 Years |
|
Level |
Age 18 - 65 |
$40,000 - 5 Years |
|
Age 66 - 70 |
$5,000 - 5 Years |
Insurance terminates at Insured's 71st birthday.
Accident & Health Insurance is optional coverage designed to cover loan payment if the primary insured debtor is unable to work due to disability.
Accident & Health Insurance |
|
Maximum Monthly Benefit |
$750 |
| Maximum Term | 5 Years |
| Ages of Eligibility | 18 - 65 |
Insurance terminates at Insured's 66th birthday.
Debtor Group and Accident and Health Insurance
Debtor Group is optional insurance coverage used to repay a debt in case of a borrower's death or dismemberment.
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Debtor Group |
|
Decreasing |
Age 18 - 65 |
$100,000 - 15 Years |
Age 66 - 70 |
Not Available |
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Level |
Age 18 - 45 |
$100,000 - 18 Months |
|
Age 46 - 65 |
$50,000 - 18 Months |
|
Age 66 - 70 |
Not Available |
Insurance terminates at Insured's 71st birthday.
Accident & Health Insurance |
|
Maximum Monthly Benefit |
$1000 |
| Maximum Term | 5 Years |
| Ages of Eligibility | 18 - 65 |
Insurance terminates at Insured's 66th birthday.
Monthly Outstanding Balance
Monthly Outstanding Balance is optional insurance coverage used to repay a debt in case of a borrower's death or dismemberment.
Monthly Outstanding Balance |
|
Age |
18-70 |
| Maximum Coverage Amount | $100,000 |
| Maximum Term of Coverage | 120 months (10 years) |
Insurance terminates at Insured's 66th birthday.
Accident & Health Insurance |
|
Maximum Monthly Benefit |
$750 per month |
| Maximum Term of Coverage | 60 months (5 years) |
| Ages of Eligibility | 18 - 65 years old |
Insurance terminates at Insured's 66th birthday.
Accident & Health Insurance is optional coverage designed to cover loan payment if the primary insured debtor is unable to work due to disability.
Flexgard Term Life Insurance
Flexgard Term Life Insurance is optional insurance coverage used to repay a debt in case of a borrower's death. Unlike the limited coverage of credit life insurance, Flexgard covers loans up to $200,000 for up to 20 years. With the increasing cost of luxury items - cars, boats, motor homes, houses - Flexgard covers high volume loans that would otherwise go unprotected.
Vendor's Single Interest Insurance: VSI AKA LSI
LSI insurance is a blanket coverage concepte that protects the lender's consumer loan portfolio against the risk of uninsured physical damage loss to collateral, while eliminating the need to track the borrowers' primary insurance policies. Additional coverage may be added to the LSI policy to create a comprehensive solution for the consumer lender. Coverage is available on most itmes of collateral including vehicles, watercraft, recreational vehicles, personal property, and mobile homes. Our broad-form policy includes four areas of coverage:
- All Risk Physical Damage Insurance
- Instrument Non-filing Errors & Omissions Insurance
- Confiscation & Skip Insurance
- Repossessed Property Insurance
Normally, coverage can be provided on the the lender's outstanding loan portfolio without a deposit premium required. A provision to waive the isurer's right to subrogate against the borrower can be added to the policy as part of the requiremetns of Section 226.4 of Reuglation Z.
Additional Available Features: Mechanic Lien Coverage, Towing & Storage Coverage, Limited ACV Waiver Coverage, etc.
Lender Placed Hazard and Flood Insurance
When a person fails to make insurance payments, a lender must acquire insurance for the property to protect the lender´s interest in that property. This process has been defined as lender placed insurance (also called “forced placed” insurance within the industry). Lender Hazard Insurance provides a flexible, affordable option to ensure a comprehensive coverage solution.
How Lender Hazard Insurance benefits a financial institution
- Lender named as insured to provide instant binding authority
- Standard all risk (including wind) for residential/mobile home properties
- Named perils for commercial properties; all risk may be available
- Optional coverages available as needed
- Customized billing options
Blanket Hazard Insurance
Blanket insurance covers the lender’s entire mortgage portfolio against risk of otherwise uninsured damage. Coverage under this policy does not require any insurance tracking or follow up by the lender, other than a confirmation that the borrower is insured at the time of loan closing. Coverage may be written to include home equity lines of credit and other junior position instruments.
Check Clubs
Thank you Program
Mortgage Life
GAP Insurance
Disclosure: These are synopses only. Certain terms, limitations, and exclusions apply, which may change from time to time. Please refer to the policies for specific wording, and full terms and conditions.
