In credit insurance, an agreement under which the insurance covers the risks insured during the policy period even if the credit event, i.e., the claim, does not occur until after the end of the policy period. – See bid limit, probability of default, credit risk, borrowing power, default, collection, factoring, franchise, credit, nonperforming, line of credit, credit quality, probability of default, reintermediation, debt, nonperforming.
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