Insurance purchased on the life of a borrower to provide indemnity for a loan balance if the borrower dies is referred to as

Bank insurance is a vague term and does not specifically refer to insurance that covers loan balances upon a borrower's death. It might imply various financial products offered by banks, but it lacks the precise definition and purpose of credit life insurance, which directly addresses the risk of loan default due to death.

Ticket life insurance is not a recognized term in insurance terminology and does not pertain to any standard insurance product. This choice may confuse individuals as it suggests a form of coverage that does not exist in the context of loan protection or indemnity.

Liability indemnity insurance generally covers legal liabilities an individual may face and does not specifically relate to life insurance or loan balances. This type of insurance is focused on protecting against claims made by third parties, which is unrelated to the concept of covering a borrower’s debt upon their death.