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The Basics

Credit:

The ability of a customer (debtor) to obtain goods or services from a creditor before payment, based on the trust that payment will be made in the future.

Insurance:

An arrangement by which an insurer provides a guarantee of compensation for a specified loss or damage, illness or death in return for payment of a premium.

Definition - Credit Insurance:

Insurance against loss resulting from failure of a debtor to pay their obligation to the creditor.