credit insurance

credit insurance
credit insurance n: insurance paid for by a debtor to assure payment of any outstanding credit balance in the event of death or disability

Merriam-Webster’s Dictionary of Law. . 1996.

credit insurance
Commonly such policies cover exports whereby an exporter may claim on the insurance in the event of non-payment. Such insurance is available from private and government insurers.

Easyform Glossary of Law Terms. — UK law terms.

credit insurance
An insurance policy a lender requires a borrower to purchase to cover a loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance.
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

credit insurance
Insurance protection against non-payment due to insolvency or protected default of the insured's customer.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • Credit insurance — is a term used to describe both business credit insurance (a.k.a. trade credit insurance) and consumer credit insurance, e.g., credit life insurance, credit disability insurance (a.k.a. credit accident and health insurance), and credit… …   Wikipedia

  • Credit Insurance — is a type of life insurance policy purchased by a borrower that pays off one or more existing debts in the event of a death, disability, or in rare cases, unemployment. Credit insurance is marketed most often as a credit card feature, with the… …   Investment dictionary

  • credit insurance — insurance against abnormal losses due to unpaid accounts receivable. Bloomberg Financial Dictionary * * * credit insurance credit insurance ➔ insurance * * * credit insurance UK US noun [U] (also consumer credit insurance) ► INSURANCE …   Financial and business terms

  • credit insurance — noun : insurance against excessive loss due to default of debtors * * * credit insurance noun Insurance against bad debts, taken out when a business sells on credit • • • Main Entry: ↑credit * * * credit insurance, 1. insurance to protect… …   Useful english dictionary

  • credit insurance — insurance for selling on credit …   English contemporary dictionary

  • credit insurance —    Insurance against the risk of nonpayment of a commercial debt. Lenders often require this insurance. If the borrower dies or becomes disabled, or a business becomes insolvent, before the loan is paid off, the policy will pay the remaining… …   Business law dictionary

  • credit insurance — 1) An insurance policy that continues the repayments of a particular debt in the event of the policyholder being financially unable to do so because of illness, death, redundancy, or any other specified cause. 2) (credit guarantee) A form of… …   Big dictionary of business and management

  • credit insurance — /ˌkrɛdət ɪnˈʃɔrəns/ (say .kreduht in shawruhns) noun insurance coverage designed to minimise loss to creditors when a debtor defaults …   Australian English dictionary

  • credit insurance — A policy of insurance which protects the insured against loss resulting from the insolvency or inability of his customers to pay their accounts. Such policies usually provide that the insured shall bear an initial loss of an agreed upon amount… …   Ballentine's law dictionary

  • Trade Credit Insurance — or Credit Insurance is an insurance policy and a risk management product offered by private insurance companies and governmental Export Credit Agencies to business entities wishing to protect their balance sheet asset, accounts receivable, from… …   Wikipedia

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