Foreign Credit Insurance Association
Definition of "Foreign credit insurance association"
Same as term Export-Import Bank: partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and mutual). Insures that businesses are indemnified for losses resulting from uncollectible accounts for goods sold in foreign markets. Additional perils covered are war, insurrection, confiscation, and/or currency devaluation. This coverage encourages American businesses to sell their products in foreign markets.
Popular Insurance Terms
Provision of a treaty reinsurance contract stating that if an insurer fails to report a risk that would normally be covered, the re insurer is still liable for the risk. ...
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Critical point in the total amount of claims paid above which the excess insurance policy pays a percentage (generally 80-100%) of the claims for any policy year experience. ...
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Geographical area in which commerce can be conducted without tariffs being applied. The concept was adopted in insurance through the use of a reinsurance facility for buying and selling of ...
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Association formed to address the requirements of government risk pools. ...
Includes rate of return, how long the annuity's interest rate is guaranteed, loads (front, middle and back), financial ranking of the insurance company offering the annuity, the monthly ...
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