Default

{
  "id": "MLC-T-INS-001095",
  "term": "Default",
  "field": "Insurance and risk management",
  "definition": "A failure to meet the terms of a contract, especially a financial obligation such as a loan repayment or bond interest payment. In insurance, it can refer to the failure of an insured party to fulfill their duties under the policy, potentially leading to a denial of coverage. This can also apply to a reinsurer failing to pay claims to the primary insurer.",
  "url": "https://mlchart.com/terminology/insurance/default/"
}