Payment protection insurance, a form of insurance intended to cover loan or credit card repayments in the event of loss of income due to illness, unemployment, etc.
More example sentences
- If you're shopping around for a personal loan, as sure as eggs is eggs, you'll be offered payment protection insurance (PPI).
- The FSA has been putting pressure on banks and loan companies to stop automatically including protection payment insurance (PPI) when customers sign up for new financial products.
- The cost of PPI is often automatically included in the loan, preventing borrowers from shopping around and securing the cheapest deal.