credit insurance

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1 An insurance policy that continues the repayments of a particular debt in the event of the policyholder being financially unable to do so because of illness, death, redundancy, or any other specified cause.

2 (credit guarantee) A form of insurance against losses arising from bad debts. This is not usually undertaken by normal insurance policies but by specialists known as factors (see factoring). See also Export Credits Guarantee Department.

Subjects: Financial Institutions and Services.

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