What Does Promissory Note Mean?

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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.

Promissory Note

Promissory Note

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.

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