What does Credit Placed Insurance mean? Read on to discover the definition & meaning of the term Credit Placed Insurance - to help you better understand the language used in insurance policies.
Credit Placed Insurance
insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense or damage to property as a result of fire, theft, collision or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral. "Creditor Placed Home" means "Creditor Placed Insurance" on homes, mobile homes and other real estate. "Creditor Placed Auto" means insurance on automobiles, boats or other vehicles.
We hope the you have a better understanding of the meaning of Credit Placed Insurance.