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What Is Credit Insurance and Insurance Lawyer?

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Hey! My fellow readers. So considering that most of us have quite a busy schedule let me tell you what will be covered in this article because we care about you. In this article, you will learn: about Credit Insurance and Insurance Lawyer.

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What is Credit Insurance?

So now let’s understand what credit insurance is. It is a certain type of insurance policy that is bought by the borrower that allows him to pay off his debts, disability, and in some rare cases unemployment. 

This form of insurance is mostly marketed as a credit card feature and has a monthly cost that charges a low percentage of the card’s unpaid balance.

How Does Credit Insurance Work?

In certain catastrophes, credit insurance can be a lifesaver for you financially. However, that is quite rare as most credit insurance policies overcharge relative to the benefits they give.

Types of Credit Insurance

There are primarily three types of credit insurance. One is for those that have problems such as a disability, life, or unemployment. 

However, it is only available to credit card customers but it is an optional feature so you don’t have to buy it if you don’t want to. Credit insurance can play a vital role for credit card owners having a financial crisis.

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Three Types of Credit Insurance

Credit Life Insurance

This type of life insurance pays off all the loans and debts on you in case of your untimely demise.

Credit Disability Insurance

This form of insurance is also called accident and health insurance. This insurance promises to pay monthly benefits directly to the lender that will be equal to the loan’s minimum monthly payment in case you become disabled. 

However, for certain credit card holders, credit insurance may not be worth your money in comparison to its benefits. Also, another thing you must know is that a person must be disabled for a certain amount of time before the benefit is paid. 

In some cases, the benefit is given to the disabled person on the day his disability occurred. Whilst in the other a benefit will be given after the waiting period is satisfied. Most of the times waiting periods are of two weeks or a month.

Credit Unemployment Insurance

This insurance works the same as the disability insurance mentioned above but this time around the benefit depends on the factor of you being involuntarily unemployed.

 And just like the previous type of insurance this also requires you to be unemployed for a certain time frame and the benefit will begin after that time frame is satisfied.  

What is Insurance?

So let me try to make this simple for you. Insurance is simply an agreement under the shadow of law between two parties. The two parties are the insurer which will be the insurance company and the insured that will be the client of that company. Insurance comes into play when an unfortunate event occurs with the insured. 

It is basically an amount to aid the loss concurred by the individual who was involved in the unfortunate event. If we use a much accurate term the word contingency is used for these events. 

Contingency could be the death of the insured individual, or the damage or destruction of certain property. The insured guy keeps on paying a certain amount in return for a legal agreement in case of an emergency.  

What is an insurance lawyer?

As the name suggests an insurance lawyer is someone that practices insurance law. Their duty is to give legal advice to clients that have legal questions related to insurance. They also negotiate insurance settlements and litigate bad faith cases.  

Insurance Lawyers help in cases like:

  • Property damage claims
  • Car accident cases
  • Health insurance benefits
  • Disability cases
  • Business liability claims
  • And more

An insurance lawyer will review the ins and outs of your case and then make a strategy that will help you claim your goals. Usually, insurance lawyers do not take a salary but rather a percentage from your contingency fees.  

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Who needs an insurance lawyer?

A person that needs some sort of advice about an insurance claim or if the insurance companies are offering you less than what you are deserving of. Each and every case is different but usually, an insurance lawyer is needed when:

  1. You need to sue an insurer for insurance contract related problems
  2. Trying to make a fair settlement in a personal injury case
  3. For compliance against insurance companies
  4. Understanding if your claim was denied in bad or good faith.

Getting a decent amount of insurance coverage is never an easy process and these cases are always complicated. This is where the insurance lawyer comes into the picture. As he will tell you what your legal options are and the risks that your decisions carry.  

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