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Payment Protection Insurance

   Also found in: Acronyms, Wikipedia 0.01 sec.
Payment Protection Insurance
An insurance policy that makes loan payments on behalf of the policyholder in the event of financial hardship. For example, if a policyholder loses his job, payment protection insurance would make his credit card payments for up to, say, six months as he looks for work. Payment protection insurance allows one to face difficulty without the immediate fear of default.


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For those who have no idea about the term payment protection insurance let me explain for them in detail.
Money survey included Payment Protection Insurance in the quote.
For instance, health-related policies won't pay out for pre-existing conditions, stress, depression, back pain and self-inflicted injuries, while payment protection insurance often excludes the self-employed, contractors and part-timers.
 
 
 
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