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- July 9, 2014
- by Aman Union
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The amount up to which, according to given guidelines, the insured may set a credit limit without specific review by the insurer.
The failure of the buyer to meet their contractual (payment) obligations. A default is an event that can lead to a loss for the credit insurer, such as bankruptcy, Chapter 11 (or any other failure to pay of the buyer) which is covered under the insured’s policy.