What Is Payment Protection Insurance?

PPI refers to payment protection insurance. The customer's debt is mortgaged. When the customer's personal or financial status changes, or the customer loses his job, his liability is borne by the insurance company. It is usually sold with a credit card.

PPI

(Payment Protection Insurance)

discuss

PPI refers to payment protection insurance. The customer's debt is mortgaged. When the customer's personal or financial status changes, or the customer loses his job, his liability is borne by the insurance company. It is usually sold with a credit card.

This kind of insurance policy in theory protects customers from the risk of insolvent credit cards due to unemployment or incapacity due to illness or disability.

Chinese name

Payment protection insurance

Foreign name

Payment Protection Insurance

Short name

PPI

Policy theory

Protect customers from

usually

Sell with credit card

English name of Token: Payment Protection Insurance

The client's debt is mortgaged. When the client's personal or financial status changes, or the client loses his job, his liability is borne by the insurance company. It is usually sold with a credit card.

This kind of insurance policy in theory protects customers from the risk of insolvent credit cards due to unemployment or incapacity due to illness or disability.

However, when this happens, many customers are restricted by the exclusion clause and administrative barriers when exercising the power promised by the insurance company.

In addition, the premium is quite high compared to the amount of insurance, often due to the debt of the insured person becoming worse.