In a broad sense, guarantee insurance is the insurance that the insurer provides guarantee for the insured to the obligee. It includes two kinds of insurance: one is guarantee insurance in a narrow sense, and the other is credit insurance. The subject of their insurance is the credit risk of the insured. When the obligee suffers economic losses due to the insured's actions or omissions, the insurer shall be liable for economic compensation. Therefore, guarantee insurance is actually a kind of guarantee business. Although guarantee insurance has the nature of guarantee, for narrow guarantee insurance and credit insurance, the objects of guarantee are different, and there are differences between them. The insured requires the insurer to bear the insurance of its (insured's) credit according to the requirements of the obligee, which belongs to the narrow sense of guarantee insurance; If the obligee requests the insurer to guarantee the credit of the other party (the insured), it belongs to credit insurance, and the obligee is also the insured.
Therefore, the insured in credit insurance is the obligee (that is, the creditor), and the applicant is the debtor of credit lending.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.