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
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Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
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Derivative representing a legal obligation to carry out a transaction that has been prearranged according to a stipulated price and date in the future. There are numerous types of financial ...
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Consideration should be given to a company's capacity to underwrite a particular risk, as indicated by its financial standing, claims philosophy, price structure, agent representation, loss ...
Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the ...
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