What does Promissory Note mean? Read on to discover the definition & meaning of the term Promissory Note - to help you better understand the language used in insurance policies.
A financial instrument used to provide an insurer with financial security necessary to implement a collateralized cash flow program, such as a retrospectively rated insurance plan. Promissory notes provide an insurer with status as a senior creditor rather than a general creditor.
We hope the you have a better understanding of the meaning of Promissory Note.