LOC in Insurance Meaning
The LOC meaning in Insurance terms is "Letter of Credit". There are 1 related meanings of the LOC Insurance abbreviation.
LOC on Insurance Full Forms
- Letter of Credit A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo, if certain terms and conditions are fulfilled, usually the receipt by the bank of certain documents within a given time. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made. An Irrevocable Letter of Credit is one which obligates the issuing bank to pay the exporter when all terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the consent of all parties to the letter of credit.
Frequently Asked Questions (FAQ)
What does LOC stand for Insurance?
LOC stands for Letter of Credit in Insurance terms.
What is the shortened form of Letter of Credit in Insurance?
The short form of "Letter of Credit" is LOC for Insurance.
Citation
LOC in Insurance. Acronym24.com. (2021, December 15). Retrieved November 25, 2024 from https://acronym24.com/loc-meaning-in-insurance/
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