Life Engine vocabulary

Life Engine vocabulary - Finance

Insurance value

The value of insured items.

Percentage of insurance value

The maximum value the insurer will pay in case of damage or loss of the insured items in percentage unit.

Institute clauses

Type of clauses to specify which damages of insured items are covered and not covered by the insurer.

Letter of credit value

Value of the letter of credit instrument being used to finance a transaction between a buyer and a seller.

Advising bank reference

A reference code assigned by the advising bank to the letter of credit instrument.

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