Glossary

The premium is the fee payable by the policy holder to the insurer for the insurance cover.

Premium calculation
The premium is calculated on the basis of the premium report submitted by the policy holder. The method of calculating the premium is set out in the insurance contract. The costs of credit insurance are therefore different for each policy holder.

Minimum premium
The minimum amount payable by the policy holder per insurance year, irrespective of the policy holder's reported balance or turnover.
 

For further details, please see the PRISMA Global product page.

For further details, please see the PRISMA Plus product page.

For further details, please see the PRISMA Invest product page.

For further details, please see the PRISMA Select product page.

For further details, please see the PRISMA Veto product page.

In credit insurance, a receivable is understood as a claim arising from the delivery of goods or services. In other words, if the policy holder has already delivered and invoiced the goods to its customer, but the customer has not yet paid the invoice, the policy holder has a receivable from its customer.

Loss of receivables
A loss of receivables occurs if the buyer fails to pay for the goods supplied by the policy holder e.g. because the customer is incapable of paying.

Overdue receivable
Overdue receivables are receivables that have not been paid within the agreed payment term. See also maximum extension period exceeded.
 

Reinsurance refers to an insurer taking out insurance against loss with another insurer.

If retention of title is agreed, the subject of the transaction remains the property of the seller until the buyer has paid for it. The buyer may, however, already have the subject of the transaction in its possession.

Simple retention of title means that the delivered goods do not form part of the buyer’s assets. In the event of the buyer’s insolvency, the policy holder may reclaim the goods, provided that the goods can be identified and are still in the condition in which they were originally delivered.