Credit insurance term describing a long overdue payment, e.g. failure by a debtor to pay the insured within 90 days of the due date. Protracted default is an insured event.
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Credit Insurance protects the creditor against non-payment of a sum due, whether the nonpayment arises from insolvency on the part of the debtor or his failure to pay over a substantial period, usually 90 days after due date. This latter is called protracted default.