Calendar Year Deductible
Calendar Year Deductible
in health insurance, the amount that must be paid by the insured during a calendar year before the insurer becomes responsible for further loss costs.
Capital and Surplus
Capital and Surplus
a company's assets minus its liabilities.
Chartered Property Casualty Underwriter (CPCU)
Chartered Property Casualty Underwriter (CPCU)
a professional designation awarded by the American Institute of Property and Casualty Underwriters to persons in the property and liability insurance field who pass a series of exams in insurance, risk management, economics, finance, management, accounting, and law. Designates must also have at least three years experience in the insurance business or related field.
Claim
Claim
a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement.
Claims Adjustment Expenses
Claims Adjustment Expenses
costs expected to be incurred in connection with the adjustment and recording of accident and health, auto medical and workers' compensation claims.
Claims-made Form
Claims-made Form
A type of liability insurance form that only pays if the both event that causes (triggers)the claim and the actual claim are submitted to the insurance company during the policy term.
Combined Ratio
Combined Ratio
an indication of the profitability of an insurance company, calculated by adding the loss and expense ratios.
Commencement Date
Commencement Date
date when the organization first became obligated for any insurance risk via the issuance of policies and/or entering into a reinsurance agreement. Same as "effective date" of coverage.
Commission
Commission
a percentage of premium paid to agents by insurance companies for the sale of policies.
Conditions
Conditions
requirements specified in the insurance contract that must be upheld by the insured to qualify for indemnification.
Contractual Liability
Contractual Liability
liability coverage of an insured who has assumed the legal liability of another party by written or oral contract. Includes a contractual liability policy providing coverage for all obligations and liabilities incurred by a service contract provider under the terms of service contracts issued by the provider.
