What is the Definition of Credit?
The promise to pay in the future in order to buy or borrow in the present. The right to defer payment of debt.
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?
Check out other definition of insurance terms below:
What is the Meaning of CAPTIVE AGENT In Insurance Terms?
A person who represents only one insurance company and is restricted by agreement from submitting business to any other company, unless it is first rejected by the agent’s captive company. (See Exclusive agent)
What is the Meaning of CAPTIVES In Insurance Terms?
Insurers that are created and wholly owned by one or more non-insurers, to provide owners with coverage. A form of self-insurance.
What is the Meaning of CAR YEAR In Insurance Terms?
Equal to 365 days of insured coverage for a single vehicle. It is the standard measurement for automobile insurance.
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