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Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
Fifth Third Bank on Tuesday said it agreed to pay $20 million in penalties imposed by the Consumer Financial Protection Bureau to settle a CFPB investigation into its auto insurance practices, and ...
The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
Insurance fraud is any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer knowingly ...
Myth #2: Your red car will cost more to insure. One of the most persistent myths about auto insurance is that insurance companies charge more to insure red cars.
Officials warn of a fake letter circulating around Roanoke County, Virginia, claiming residents are eligible for SNAP benefits. According to a 10 News investigation, it may be an attempt to create...
Often users will find the letter from a young and attractive female wanting to meet or relocate to the users' country. After invoking their confidence trick on the user they will require the recipient of the scam letter to pay the funds necessary for the relocation. Once paid, the correspondence ends and the writer never appears.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...