Commercial Credit Insurance
Coverage for an insured firm if its business debtors fail to pay their obligations. The insured firm can be a manufacturer or a service organization but it cannot sell its products or service on a retail level to be covered under commercial credit insurance. Under this form of insurance, the insured firm assumes the expected loss up to the retention amount and the insurance company pays the excess losses above that amount, up to the limits of the credit insurance policy.
Popular Insurance Terms
Same as term Expiration File: agents' records showing when clients' policies expire. ...
Restoration of a policy that has lapsed because of nonpayment of premiums after the grace period has expired. In life insurance the reinstatement time period is three years from the premium ...
Branch office of an insurance company's home office that markets, underwrites, and services the company's lines of business within a specified geographical area. ...
Policy combining features Of UNIVERSAL LIFE INSURANCE and VARIABLE LIFE INSURANCE in that excess interest credited to the cash value account depends on investment results of separate ...
Reinsurance: surplus reinsurance contracts under which the agreement between an insurer and a re insurer is based on the ceding company's line guide, such that the amount re insured is ...
Policy of variable universal life insurance (VUL) under which, if the accumulation of the premiums paid at any point in time (minus policy loans, and withdrawals) equals or exceeds the ...
Coverage against hail damage to crops. Coverage is on a proportionate basis; that is, in the event of loss, a farmer will recover an amount based on the ratio of the damaged part of a crop ...
One premium payment made to fund the future benefits of a group of employees. ...
Life insurance policy provision stating that after the death of an insured, the proceeds from a policy are not immediately paid to the primary beneficiary; instead, they are delayed for a ...
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