How to pronounce“default”in English
nounIn the 1990s, when there was a-- one of the financial innovations I was describing that was invented was something called the credit
default swap. And the credit default swap was essentially an insurance policy for a loan.
If you took out a credit default swap, that meant you would pay or get paid a certain amount of money if a particular loan was defaulted on.
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Definitions of “default”
The condition of failing to meet an obligation.
“He failed to make payments on time, and he is now in default.”
The condition of being an obligation that has not been met.
“The deadline has passed, so the debt is now in default.”
To fail to meet an obligation.
To fail to meet an obligation.
“to default on a loan”
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