Which one of the following is not included under terms of credit?

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Insurance

Documentation

Interest rate

answer is B.

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Detailed Solution

Insurance is not included under terms of credit.
Insurance is a legal contract between two parties, the identified insured and the insurance provider, known as the insurer. The insurer agrees in this contract to assist the insured with losses resulting from the occurrence of the contingency. In contrast, the insured makes a payment for the insurer's commitment. Risk distribution among a group of people is how insurance works. As a result, cooperation becomes the fundamental tenet of insurance. Insurance, which takes the form of a policy, is a contract in which the person or entity receives financial protection or payment from the insurance provider for any harm (large or small) done to their property.

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