Meaning of the word: Credit limit
Credit limit is the maximum amount of the claim of client against the insurance company. This is the upper limit of the credit risk, which is the insurance company willing to take against a particular policy. The amount of this limit is stated in the contract. The main purpose of credit limit is maintaining accounts receivable to the extent that the customer will be able to repay.
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FROM DICTIONARY
Interest on arrears
Interest on arrears is charged to the debtor in case that he doesn't pay his loan in time. It is not a classic sanction, but it is the refund money.…
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