Explain why a borrower is often required to purchase credit life and disability insurance as a condition of receiving an installment loan.
Answer to relevant QuestionsDefine simple interest as it relates to an installment loan. Are you better off with add-on interest? Explain.Use Worksheet 7.1. Every six months, Brad Stengel takes an inventory of the consumer debts that he has outstanding. His latest tally shows that he still owes $4,000 on a home improvement loan (monthly payments of $125); he ...Jack Colsen wants to buy a new high-end audio system for his car. The system is being sold by two dealers in town, both of whom sell the equipment for the same price of $2,000. Jack can buy the equipment from Dealer A, with ...Define(a) Risk avoidance(b) Loss prevention(c) Loss control(d) Risk assumption(e) An insurance policy.Explain their interrelationships.Describe the different types of whole life policies. What are the advantages and disadvantages of whole life insurance?
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