Introduction to Credit Insurance
Credit insurance means that the insurer underwrites the applicant's accounts receivable, and bears part or all of the losses according to the insurance contract when bad debts occur.
Credit insurance is a traditional businesscombining financial services and credit services. In August 2008, in order to standardize the credit insurance business, innovate credit insurance tools, and reduce transaction costs, the World Credit Organization [WCO] formulated the "ICE8000 International Credit Standard System Credit Insurance Standard" in accordance with internationally accepted legal principles and international practices . Credit insurance companies and policyholders can rely on this standard to prevent dishonesty risks and subjective disputes while improving work efficiency.
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