What is the Definition of Credit Insurance?

What is the Definition of Credit Insurance?

Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. The coverage is geared to manufacturers, wholesalers and service providers who may be dependent on a few accounts and therefore could lose significant income in the event of an insolvency.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Credit Insurance?

What is the Definition of Credit Insurance?

Check out other definition of insurance terms below:

What is the Meaning of BOOK OF BUSINESS In Insurance Terms?

Total amount of insurance on an insurer’s books at a particular point in time.

What is the Meaning of BROKER In Insurance Terms?

An intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate to their clients. They work on commission and usually sell commercial, not personal, insurance. In life insurance, agents must be licensed as securities brokers/dealers to sell variable annuities, which are similar to stock  market-based investments.

What is the Meaning of BURGLARY AND THEFT INSURANCE In Insurance Terms?

Insurance for the loss of property due to burglary, robbery or larceny. It is provided in a standard homeowners policy and in a business multiple peril policy.

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