bancassurance

Definition

The sale of insurance and other similar products through a bank. This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan, the consumer could purchase the insurance directly from the bank. Some critics feel that bancassurance gives the bank too much control. Bancassurance is not legal in all countries, but it is legal in the United States.

Use bancassurance in a sentence

You may want to try and get a bancassurance so that you know you really will be covered if disaster strikes.

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There was a lot of debate about bancassurance, but in the end we felt the benefits outweighed the ethical questions raised.

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The bank has a bancassurance program that allows the insurance agency sell products to our clients , it is very profitable to both the insurance agency and the bank.

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BAM bancassurer