Answer:
60 days.
Step-by-step explanation:
A credit life policy is a type of life insurance policy that pays an outstanding debt being owed by a borrower in the event that the he or she dies, is maimed or permanently disabled, critically ill or when he loses his job. Generally, the premium or face value on the credit life policy decreases proportionately with an outstanding loan amount as its is being paid off over time until they both (debt and premium) reaches a zero value.
A credit life policy is more expensive than other regular life insurance policy and is commonly used on mortgage and auto loans.
According to the insurance regulations, if a credit life policy lapses for nonpayment before the debt is satisfied, within 60 days the creditor must either refund the premium paid or apply it against the debt.