Buyer (Debtor)
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- July 9, 2014
- by Aman Union
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The business entity to which an insured sells their goods or services.
Broker (Agent)
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- July 9, 2014
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The party via whom an application for insurance is presented from prospective insured to the insurer.
Blind cover
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- July 9, 2014
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A policy feature that provides (a reduced percentage of) cover when no credit limit has been established on the Buyer and no adverse information is known. See also under First sale clause / First order cover.
Binding order (Pending order, Binding contracts)
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- July 8, 2014
- by Aman Union
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An order from which the insured cannot be released if the buyer’s financial soundness is deteriorating. Under predefined conditions, credit insurance may be offered for such contracts even after withdrawal of the credit limit.