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Coordination of Benefits (COB) : Method used within group health plans for designation of the order followed by multiple carriers towards payment of the benefits and prevent duplicating benefits

Corridor Deductible : Important medical plan deductible excluding the benefits provided through basic plan when both the basic and supplemental group major medical expenses plans are effective

Cost Basis : Amount attributable to any asset for income tax purposes; primarily used for determining loss or gain on the sale or transfer and determine value of gifts

Cost Containment : Controller reductions for inefficiencies in the allocation, consumption, or production of healthcare services that are contributing to higher than required costs

Cost-of-Living Rider : A benefit that can be added to life insurance plans where the holder is allowed to procure one-year term insurance equalling percentage change in the CPI without providing insurability evidence

Cost of pure risk : Costs related to pure risks, such as those from shareholders perspective, insurance costs, retained costs, loss prevention costs, etc

Cost of risk : Decrease in the value of business arising due to risks

Coverage : Scope of available protection under the insurance contract; any of the several risks covered within the policy

Coverage for Damage to Your Auto : Component of the auto insurance cover insuring the payment for damages or theft of the insured vehicle; optional coverage useable for insuring collision as well as non-collision loss or damage

Covered : Any individual covered under pension plan fulfilling the eligibility needs within the plan; person for whom the benefits have been accrued; or individual receiving the benefits under the coverage

Covered Expenses : Medical, hospital, and other related expenses incurred by the insured person entitling her or him for receiving the benefits under the health plan; often connected with major medical plans; covered expenses are defined either through description, necessity, or reasonableness for specifying amount and type of expenses that are to be considered for calculating the benefits

Covered Participant : Individual covered under pension plan and has satisfied the eligbility norms of the plan; person towards whom benefits are accruing, or one receiving the benefits included in the plan

Credibility : Statistical measure of a variable results of which can be used to estimate future forecasts

Credibility Factor : Weightage given to individual insured's previous experience for calculating the premium for future coverages

Credit Health Insurance : Type of health insurance cover for borrower; specifically for installment purchase agreement; benefits cover various obligations of borrowers payable to the creditors

Credit Insurance : Guarantee for manufacturers, service organizations, wholesalers confirming payment towards shipped products or rendered services; applicable to part of working capital represented by the accounts receivable

Crop-hail Insurance : Protection from damages resulting to growing crops due to hail or other perils covered in the insurance contract

Cross Purchase Agreement : Specification of the terms under which the surviving partners or shareholders can acquire shares of a deceased partner or shareholder

CSR : Customer servicing representatives who support work done by the agents for various tasks needed to be completed within an organization or agency delivering services or handling client requests

Current Assumption Whole Life Insurance : Non-participating whole life cover through which cash values are determined on the insurer's current mortality, expense, and investment experience; accumulative account credited with current interest rate changing over a period of time; also known as interest-sensitive whole life insurance plan

Currently Insured : Status of any covered individual under OASDI (old age, survivors, and disability insurance) plan for at least six quarters during the last 13 quarters ending in the quarter of demise; entitlement of retirement benefits; or disability

Cancelable Policy : Insurance contract that is cancellable either by insured or insurer before the expiration of the policy

Causes Of Loss : The various perils that are insured within the insurance plan

Claimant : Person seeking reimbursement for any loss covered under the terms and conditions of the insurance policy

Claims-Made Coverage : Liability coverage only when written claims are made within the policy term or any extended period; policies with retroactive date, any occurrence before that date is not covered

Classification Clause (Cargo) : Clause within cargo insurance open coverage that provides details of minimum classification for vessels bound overseas acceptable to insurers for carriage of the insured cargo paying premium rates agreed within the contract; cargo carried by lower class ships are covered but entail higher premium payment

Clause : Section or para within the insurance policy explaining, clarifying, or defining conditions of the cover

Cobra : Consolidated Omnibus Budget Reconcilation Act; federal law through which group health policies sponsored by employers with more than 20 personnel should be offered continued coverage for past employees (resigning at free will or otherwise) and their dependants; giving health coverage for at least 18 months

Collision Coverage : Protection against physical damage for the policyholders' owned vehicles resulting due to collision with any other thing or due to upset

Commercial General Liability (Cgl) Coverage Part : General liability cover written as monoline policy or component of commercial package; replacing former "comprehensive" general liability forms; latest forms offer sublines, broader coverage, with two variations "occurrence" and "claims made" covers

Comprehensive Coverage : Physical damage cover for losses resulting due to fire, falling objects, vandalism, thefts, and other risks; for personal automobile policies, known as other than collision coverage; commerical forms continues to refer to comprehensive cover

Comprehensive General Liability Policy : Policy covering different kinds of general liabilities, operations and premises, products liability, contractual liability, owners and contractors protective, completed operations, and broad form covers; most jurisdictions replace new commercial general liability forms including optional and standard covers in earlier forms

Comprehensive Personal Liability Policy (Cpl) : Personal liability contract providing personal liability cover for insured and family members needs resulting from various personal reasons; can include ownership of residential properties, pets, activities, sports, or other daily activities

Constructive Total Loss : Partial loss resulting from sufficient degree for making the cost of repair much more or at least equal to the value of the property

Contract Carrier : Transportation company carrying goods for only certain clients and not general public (like general carriers)

Contribution : More than one party provides risk cover; each insurer is responsible for protecting its loss; when assured recovers full compensation from one insurer, the company is entitled for recovering proportionate amounts from other insurers; generally used in marine insurance; also towards contributions paid by the insured connected to salvage or general coverage

Contributory Value : Value on the basis of which contribution towards general loss or salvage compensation is calculated

Co-Payment : The component (either percentage or fixed amount) of medical bill paid by the patients; balance paid by the insurance company

Country Damage : Marine term related to damage of bagged or baled goods resulting from excess moisture from dampness of the ground or exposure to climate or grit, sand or dust entering due to inclement weather or windstorm

Cover : Insurance contract; effective insurance, inclusions within the coverage under insurance plan

Coverage Part : Either one of individual commercial coverage components that is part of the commercial policy

Coverage Trigger : Method whereby particular claim being covered under the plan is determined; example difference between cover triggers of liability "occurrence" and "claims made" forms is in the first instance loss should occur during policy term and in the second instance claim must be filed during the policy period

 
Coordination of Benefits (COB) : Method used within group health plans for designation of the order followed by multiple carriers towards payment of the benefits and prevent duplicating benefits

Corridor Deductible : Important medical plan deductible excluding the benefits provided through basic plan when both the basic and supplemental group major medical expenses plans are effective

Cost Basis : Amount attributable to any asset for income tax purposes; primarily used for determining loss or gain on the sale or transfer and determine value of gifts

Cost Containment : Controller reductions for inefficiencies in the allocation, consumption, or production of healthcare services that are contributing to higher than required costs

Cost-of-Living Rider : A benefit that can be added to life insurance plans where the holder is allowed to procure one-year term insurance equalling percentage change in the CPI without providing insurability evidence

Cost of pure risk : Costs related to pure risks, such as those from shareholders perspective, insurance costs, retained costs, loss prevention costs, etc

Cost of risk : Decrease in the value of business arising due to risks

Coverage : Scope of available protection under the insurance contract; any of the several risks covered within the policy

Coverage for Damage to Your Auto : Component of the auto insurance cover insuring the payment for damages or theft of the insured vehicle; optional coverage useable for insuring collision as well as non-collision loss or damage

Covered : Any individual covered under pension plan fulfilling the eligibility needs within the plan; person for whom the benefits have been accrued; or individual receiving the benefits under the coverage

Covered Expenses : Medical, hospital, and other related expenses incurred by the insured person entitling her or him for receiving the benefits under the health plan; often connected with major medical plans; covered expenses are defined either through description, necessity, or reasonableness for specifying amount and type of expenses that are to be considered for calculating the benefits

Covered Participant : Individual covered under pension plan and has satisfied the eligbility norms of the plan; person towards whom benefits are accruing, or one receiving the benefits included in the plan

Credibility : Statistical measure of a variable results of which can be used to estimate future forecasts

Credibility Factor : Weightage given to individual insured's previous experience for calculating the premium for future coverages

Credit Health Insurance : Type of health insurance cover for borrower; specifically for installment purchase agreement; benefits cover various obligations of borrowers payable to the creditors

Credit Insurance : Guarantee for manufacturers, service organizations, wholesalers confirming payment towards shipped products or rendered services; applicable to part of working capital represented by the accounts receivable

Crop-hail Insurance : Protection from damages resulting to growing crops due to hail or other perils covered in the insurance contract

Cross Purchase Agreement : Specification of the terms under which the surviving partners or shareholders can acquire shares of a deceased partner or shareholder

CSR : Customer servicing representatives who support work done by the agents for various tasks needed to be completed within an organization or agency delivering services or handling client requests

Current Assumption Whole Life Insurance : Non-participating whole life cover through which cash values are determined on the insurer's current mortality, expense, and investment experience; accumulative account credited with current interest rate changing over a period of time; also known as interest-sensitive whole life insurance plan

Currently Insured : Status of any covered individual under OASDI (old age, survivors, and disability insurance) plan for at least six quarters during the last 13 quarters ending in the quarter of demise; entitlement of retirement benefits; or disability

Cancelable Policy : Insurance contract that is cancellable either by insured or insurer before the expiration of the policy

Causes Of Loss : The various perils that are insured within the insurance plan

Claimant : Person seeking reimbursement for any loss covered under the terms and conditions of the insurance policy

Claims-Made Coverage : Liability coverage only when written claims are made within the policy term or any extended period; policies with retroactive date, any occurrence before that date is not covered

Classification Clause (Cargo) : Clause within cargo insurance open coverage that provides details of minimum classification for vessels bound overseas acceptable to insurers for carriage of the insured cargo paying premium rates agreed within the contract; cargo carried by lower class ships are covered but entail higher premium payment

Clause : Section or para within the insurance policy explaining, clarifying, or defining conditions of the cover

Cobra : Consolidated Omnibus Budget Reconcilation Act; federal law through which group health policies sponsored by employers with more than 20 personnel should be offered continued coverage for past employees (resigning at free will or otherwise) and their dependants; giving health coverage for at least 18 months

Collision Coverage : Protection against physical damage for the policyholders' owned vehicles resulting due to collision with any other thing or due to upset

Commercial General Liability (Cgl) Coverage Part : General liability cover written as monoline policy or component of commercial package; replacing former "comprehensive" general liability forms; latest forms offer sublines, broader coverage, with two variations "occurrence" and "claims made" covers

Comprehensive Coverage : Physical damage cover for losses resulting due to fire, falling objects, vandalism, thefts, and other risks; for personal automobile policies, known as other than collision coverage; commerical forms continues to refer to comprehensive cover

Comprehensive General Liability Policy : Policy covering different kinds of general liabilities, operations and premises, products liability, contractual liability, owners and contractors protective, completed operations, and broad form covers; most jurisdictions replace new commercial general liability forms including optional and standard covers in earlier forms

Comprehensive Personal Liability Policy (Cpl) : Personal liability contract providing personal liability cover for insured and family members needs resulting from various personal reasons; can include ownership of residential properties, pets, activities, sports, or other daily activities

Constructive Total Loss : Partial loss resulting from sufficient degree for making the cost of repair much more or at least equal to the value of the property

Contract Carrier : Transportation company carrying goods for only certain clients and not general public (like general carriers)

Contribution : More than one party provides risk cover; each insurer is responsible for protecting its loss; when assured recovers full compensation from one insurer, the company is entitled for recovering proportionate amounts from other insurers; generally used in marine insurance; also towards contributions paid by the insured connected to salvage or general coverage

Contributory Value : Value on the basis of which contribution towards general loss or salvage compensation is calculated

Co-Payment : The component (either percentage or fixed amount) of medical bill paid by the patients; balance paid by the insurance company

Country Damage : Marine term related to damage of bagged or baled goods resulting from excess moisture from dampness of the ground or exposure to climate or grit, sand or dust entering due to inclement weather or windstorm

Cover : Insurance contract; effective insurance, inclusions within the coverage under insurance plan

Coverage Part : Either one of individual commercial coverage components that is part of the commercial policy

Coverage Trigger : Method whereby particular claim being covered under the plan is determined; example difference between cover triggers of liability "occurrence" and "claims made" forms is in the first instance loss should occur during policy term and in the second instance claim must be filed during the policy period

 

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