Contracting Parties in Credit Life Insurance

Life assured

• This is the borrower on whose life duration the payment of the sum assured depends

Assured

• This is the Lender or lending institution who stands in a position to suffer a financial loss on the death of the borrower

 Insurer

• This is the institution that undertakes to pay the outstanding loan to the Assured on the death of the Life Assured. The terms and conditions of the undertaking is spelt out in a Credit Life Policy Document