Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
MPC Personal Injury Lawyer
8-2465 Walkers Line
Burlington, ON L7M 4K4
(800) 299-0342
https://mpclaw.ca/Burlington.html
Our personal injury lawyers in Burlington have helped countless victims of Motor Vehicle Accidents, Slip and Falls, Public Transportation accidents, and Pedestrian Accidents. Call us now for a free no obligation consultation. We don't charge anything unless we win the case.
The Sharp-tongued Short-term Loan Vocabulary You Need to Know Before Borrowing.
Visit http://www.100dayloans.co.uk/i-hate-you-payday-loans/ to see surveys, infographics and videos that will help you borrow smarter.
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
MPC Personal Injury Lawyer
8-2465 Walkers Line
Burlington, ON L7M 4K4
(800) 299-0342
https://mpclaw.ca/Burlington.html
Our personal injury lawyers in Burlington have helped countless victims of Motor Vehicle Accidents, Slip and Falls, Public Transportation accidents, and Pedestrian Accidents. Call us now for a free no obligation consultation. We don't charge anything unless we win the case.
The Sharp-tongued Short-term Loan Vocabulary You Need to Know Before Borrowing.
Visit http://www.100dayloans.co.uk/i-hate-you-payday-loans/ to see surveys, infographics and videos that will help you borrow smarter.
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
Part 1 in a series of educational slidecasts from author and speaker Tony Steuer. Part 1 focuses on term life insurance -- what it is, how it works, and the different types of policies. It's your money, so monitor it, understand it, and know what your are getting for it.
Having a Term insurance plan is an important component of your investment strategy. This visual and easy-to-comprehend prezzo helps you understand Term Insurance in an easy jargon-free way.
BLPC AB Personal Injury Lawyer
6505 48 Ave
Camrose, AB T4V 3K3
(587) 844-2026
https://ablaw.ca/camrose/
Since establishing our practice, the BLPC AB Personal Injury Lawyer firm has been helping clients who have sustained injuries in a wide range of accidents. In most instances, these accidents occurred because of another company’s or person’s negligence.
A helpful guide for Home Buyers ~ Helping you find answers to your real estate questions. Provided by Title 365 and your online connection Account Manager Sara Forkel. Please feel free to visit website at www.Title365.com or email me directly at Sforkel@Title365.com.
Requirement of insurable interest for life insurance SharfaKhan1
The ppt aims to showcase the essentiality of a claim having a vested insurable interest and the features of insurable interest and the case laws relating to the same.
Part 1 in a series of educational slidecasts from author and speaker Tony Steuer. Part 1 focuses on term life insurance -- what it is, how it works, and the different types of policies. It's your money, so monitor it, understand it, and know what your are getting for it.
Having a Term insurance plan is an important component of your investment strategy. This visual and easy-to-comprehend prezzo helps you understand Term Insurance in an easy jargon-free way.
BLPC AB Personal Injury Lawyer
6505 48 Ave
Camrose, AB T4V 3K3
(587) 844-2026
https://ablaw.ca/camrose/
Since establishing our practice, the BLPC AB Personal Injury Lawyer firm has been helping clients who have sustained injuries in a wide range of accidents. In most instances, these accidents occurred because of another company’s or person’s negligence.
A helpful guide for Home Buyers ~ Helping you find answers to your real estate questions. Provided by Title 365 and your online connection Account Manager Sara Forkel. Please feel free to visit website at www.Title365.com or email me directly at Sforkel@Title365.com.
Requirement of insurable interest for life insurance SharfaKhan1
The ppt aims to showcase the essentiality of a claim having a vested insurable interest and the features of insurable interest and the case laws relating to the same.
Successfully Reducing Insurance Costs
By Mel Feller, MPA, MHR
Mel Feller Seminars, Coaching For Success 360 Inc. /Mel Feller Coaching
Have you looked at your insurance costs lately? Chances are, your costs have gone up even if your coverage has remained the same. Insurance inflation is a hidden danger because you do not always pay those bills every month or pay them directly. In addition, when they do rise, there seems to be no practical way to control them. Let’s look at some major insurance categories to see where cost-cutting might be possible.
What is Insurance ? An agreement that states something is protected if it is damaged, hurt, or stolen. Essentially, when you purchase insurance on something it can protect your investment. If anything happens that is covered by the policy you can receive funds from the insurance company to have it replaced, fixed or receive a cash settlement. www.lifethenfinance.com 2
3. What types of insurance are there? Health Insurance Automobile Insurance Renter’s Insurance Property Insurance Umbrella Policies
Skyrocket Your Credit Score & Credit Limits (Quick Guide to Credit & Unsecure...Golden Financial Services
"Credit" and "Unsecured Debt", can IMPROVE or DESTROY your financial FUTURE. Your first step to solidifying perfect financial health is to understand unsecured debt and credit – and then we will show you the proven tricks to raise your credit limits and credit scores. This is a simplified thesaurus on Credit and Unsecured Debt. A guaranteed life-changer! If you use this guide please credit its creator: Golden Financial Services, at https://goldenfs.org. You will find the original guide to unsecured debt published at https://nomorecreditcards.com/unsecured-debt/.
In the first instance, seek the advice of an independent financial adviser. Quantum Advisers offers expert independent advice across a range of financial products and services and could save you £££s.
An insurance claim is a request of a policyholder to an insurance company to compensate the policyholder for an expense or loss. Based on its analysis, the insurance company may either accept or validate the claim or reject it.
Insurance coverage is said to indemnify a policyholder. In other words, indemnify means to exempt or protect from a liability. A policyholder may be an individual or a group of individuals such as the employees of a corporation. In exchange for the protection of an insurance policy, the policyholder pays a premium. This is a regular payment made to the insurance company.
For consumers, there are three main types of insurance claims: health, life, and property. Health insurance is meant to cover major medical expenses such as surgery and inpatient expenses to such an extent that the policyholder is protected from life-changing financial setbacks in the event of an accident or serious illness. More comprehensive health policies will also cover doctor's visits and other relatively minor outlays. Life insurance provides for the financial welfare of identified beneficiaries in the event of the death of the policyholder. With this type of policy, there is typically a caveat that the death must not be due to criminal activities or suicide. Property insurance typically takes the form of homeowner's insurance, as the house would most likely be the single largest asset of a policyholder in his or her lifetime.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.https://www.activecapital.org/
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.https://www.activecapital.org/
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.https://www.activecapital.org/
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.https://www.activecapital.org/
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
2. Credit insurance is one of the most misunderstood and fraudulently marketed
products in the field of personal finance. The types of insurance sold by
creditors to debtors range from the old standard credit life and accident and
sickness insurance to such worthless contracts as "life events" which will be
explained below. Almost all of these policies are grossly overpriced and are a
source of substantial profits for lenders and sales finance companies.
3. The use of insurance as a type of security for a loan or other extension of credit
is not an inherently a bad choice. Both the creditor and the debtor can benefit
from removing the risk of death or disability from the equation. If the reduced
risk is a factor in providing a lower interest rate, or in basic credit approval, it
can be a win-win situation. The problem arises, however, when the creditor
intimidates or otherwise induces a customer to purchase an insurance product
not for its effect on risk but as an additional and substantial source of revenue.
4. Normally insurance rates are set by the competitive market, which tends to
hold rates down at least for the reasonably informed consumer who does some
comparison shopping. Automobile insurance companies, for example, are
highly competitive and the rates are seldom regulated. But in the context of an
application for credit there may be no competition at the point of sale of the
insurance. The creditor may be the only practicable source. The only
"competition" is between insurance companies to see who can charge the
highest premium and pay the highest commission to the creditor or its officers
for selling the coverage. This tends to force rates up rather than down and has
been dubbed "reverse competition".
5. During the 1950s as consumer credit was expanding rapidly and many states
had strict usury laws (laws limiting maximum finance charge rates) both
lenders and sellers began relying on commissions from credit insurance
premiums to pad the bottom line profits. Many engaged in selling excessive
coverage (not needed to pay the debt if something happened to the debtor) and
nearly all charged outrageous premiums, with 50% or more being paid to the
creditor or its employees, officers or directors as "commissions" for writing the
coverage. As incentives for paying as few claims as possible there were also
"experience refunds" awarded to creditors, which sometimes raised the total
compensation to 70% or more of the premiums. In addition, the premium was
added to the loan or unpaid balance of the sale price and finance charges were
charged on the premium.
6. Finally the National Association of Insurance Commissioners (NAIC) declared
it had had enough of the consumer abuse and model legislation was drawn up
and passed in nearly every state authorizing insurance commissioners to limit
the amount and cost of credit life and accident and sickness insurance ... the
two biggest sellers in the field. In some jurisdictions the legislation had very
little effect because the commissioners would not seriously exercise their new
regulatory powers, but in others the rates came down almost immediately.
Over a number of years where there was pressure from consumer groups the
rates on these two products reached a reasonable level ... with some states
requiring that the rates produce a 50 or 60 per cent "loss ratio"... ratio of
incurred claims to earned premiums ... and limiting commission payments to
creditors.
7. While this progress helped the consumer buying credit life and accident and
sickness insurance creditors soon realized that it was easy to develop new
products which were not regulated under the NAIC model law ... products such
as "involuntary unemployment insurance" to protect the consumer against job
loss and "unpaid family leave" insurance to make payments in the event of a
family emergency that required the debtor to have to leave his job temporarily.
Now, back to the question of whether you should purchase credit related
insurance in connection with your next transaction, that really depends on the
type of transactions, your individual circumstances and the kind of coverage in
question. The first question to answer before deciding who to buy credit life
insurance from is whether you need life insurance at all. The first step in the
answer is "Do I already have life insurance in sufficient amount to cover this
obligation and other needs?" If so it is obvious you don't need any more, and
the answer should be "No".
8. Life insurance is justified when (a) there are dependents to be cared for after
you are gone; (b) you have a moral obligation to a co-signer or co-maker or
guarantor ... possibly a family member ... that you will pay at least your portion
of an obligation, living or dead; (c) you own property or other assets which you
want to leave to someone upon your demise, and unless this debt is otherwise
paid the property may have to be sold to pay it; (d) you are buying something
important "on time", such as a home or an expensive vehicle, and don't want it
to be foreclosed or repossessed if you are not there to make the payments; or
(e) you and a partner have invested heavily in a business that depends on both
of you working, and you don't want your partner to suffer a hardship if you are
not there. There may be other reasons, but the point is that you must examine
your individual circumstances.
9. You do NOT need life insurance if you have no dependents, own very little and
are not leaving anything to anyone, and there is no co-maker to protect,
because your debts essentially die with you. No one will have to pay them if
you don't. And if there is no money to bury or cremate your remains don't
worry. Something will be done with them because public health requires it. If
you want an expensive send-off buy just enough to pay for the funeral and
name a beneficiary with instructions to use it for that purpose so your
creditors won't try to grab it.
10. If you want to make gifts to others when you die, perhaps to make up for the
mistreatment of them while you were around, life insurance is a very expensive "estate
substitute". It is better to put your money into savings than to pay it to some national
insurance corporation on the hope that you will profit by dying. With life insurance you
are essentially betting that you will die and the insurer is betting you won't.
Assuming you decide you need life insurance, the next question is whether to buy it
from a creditor or on the open competitive market. Most of the time it is best to
purchase a proper amount of term life insurance payable either to a beneficiary, or to a
trust for the benefit of minor dependents, or to your estate to be used to pay your last
rites and obligations. If you have it paid to a beneficiary, such as your spouse or
children, your creditors can not claim it for the payment of your bills ... unless you
designate a particular creditor as a beneficiary to the extent of your debt obligation. No
creditor has an insurable interest in your life except to the extent of your debt.
11. If you owe a mortgage debt on your home it may be wise to scale your term life
policy to approximate the amount of your mortgage so it will be paid off for the
benefit of your spouse and children if you, a provider, cannot provide. If you
have a car note you need to adjust your total life insurance amount to
discharge that obligation as well, so that whoever gets the car gets it free and
clear. If you don't care what happens to the vehicle don't worry about the
additional coverage. The creditor will take it and sell it and eat the balance. It
is theoretically possible for a sales finance creditor to sue an estate for a
deficiency after repossession but it very seldom occurs. It's just too much
trouble.
Aside from large obligations such as home mortgages and car notes there is
usually very little justification for buying life insurance, and certainly not from
a creditor. The premium rates on creditor-provided life insurance are much
higher, as a general rule, than the rates for other life coverage.
12. Credit life insurance comes in three varieties ... level, decreasing, and revolving. Level
life insurance begins and ends with the same coverage over the term and is normally
associated with single payment obligations. It is illegal in most states to sell level life
insurance on installment transactions. Decreasing credit life comes in two sub-varieties
... gross and net. Gross decreasing credit life begins with the "total of payments" (the
principal plus all interest you will probably have to pay over the whole term of debt)
and decreases by one monthly payment each month until it reaches zero at the end of
the term. Net decreasing credit life starts at the "amount financed" and declines as the
principal balance declines over the term. Usually net decreasing life is enough to pay
the obligation because it tracks the remaining principal, unless you fail to keep up with
the payment schedule and reduce the debt accordingly. Gross decreasing life will
normally be excessive at the beginning and less so as the term continues. For example,
if the principal is $10,000 and there will be $4000 in finance charges on a car note over
a six-year term, the insurance will start at $14,000, but during the first month the
debtor in fact only owes $10,000 plus a few days interest. This means that if the debtor
dies during the term the excess coverage should be paid either to the debtor's estate or
to a named beneficiary. In some states creditors are limited to net decreasing life plus
three or four months of payments just in case the account is in arrears at the time of
death.
13. Auto accident deaths create a unique insurance situation where credit life is
involved because the casualty insurance on the vehicle will often pay off the car
note leaving the credit life insurance to be paid directly to the debtor's estate as
a cash benefit. Millions of dollars of insurance benefits have been lost because
the surviving spouse was unaware of the double coverage on the note.
"Revolving account" credit life insurance usually involves a monthly premium
computed on the basis of the outstanding balance being billed. The premium
covers that amount for 30 days, discharging the obligation if death occurs
before the next billing date.
14. Unfortunately, national banks that issue credit cards have developed a scam to get
around the accusation of illegally high credit life premiums. Most of them if pressed
would take the position that since they are a "national" bank the states can not limit
their insurance premiums, even if the state also limits premiums charged by state
banks, but this legal position stands on shaky ground.
Many have issued their own policies in the form of "debt cancellation clauses" which
are amendments to credit card agreements under which the account balance will be
canceled if the debtor dies. But because of the risk that some state may clamp down on
their rate-setting practices they "bundle" the credit life with up to a dozen other
coverages, nearly all of which are not rate-regulated, so the charges produce a very
large margin of profit. They won't sell credit life alone, but require an "all or none"
purchase of the various components such as credit accident and sickness, involuntary
unemployment coverage, unpaid family leave coverage and even such weird products as
"college graduation", "having a baby", "retirement", "divorce" and other "life events",
each of which results in a month or two of benefits at the minimum payment level on
the account. These bundled products usually cost upward of $1.00 per $100 per month,
or twelve per cent per annum on top of the existing finance charge rate. Truth in
Lending does not require that additional 12% to be reflected in the annual percentage
rate, however, because the coverage is deemed "voluntary" and not part of the "finance
charge".