Terms with Category Insurance
- Clean Sheeting — Definition,
- A type of insurance fraud where an individual deliberately fails to disclose a pre-existing condition in order to receive coverage, sometimes with the help of an insurance broker.
- Clear-Space Clause — Definition,
- A clause that requires insured property to be located a minimum distance from surrounding property.
- Closing Costs — Definition,
- The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
- Co-insurance — Definition,
- Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
- Collateral Source Rule — Definition,
- In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
- Collision Insurance — Definition,
- Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
- Combined Ratio After Policyholder Dividends — Definition,
- A method of measuring the profitability of an insurance company's underwriting.
- Commercial Blanket Bond — Definition,
- Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
- Commercial Forgery Policy — Definition,
- Insurance that protects businesses from losses due to them unknowingly accepting forged or counterfeit checks as payment.
- Commercial Lines — Definition,
- A broad term referring to insurance policies for professionals, businesses, and other commercial establishments.
- Commercial Multiple Peril Insurance — Definition,
- Insurance policies that provide businesses coverage for more than one named peril.
- Commercial Property Floater — Definition,
- Insurance that provides coverage for property that is not fixed to one single location.
- Commercial Property Insurance — Definition,
- Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
- Commission (comm) — Abbreviation,
- A fee paid to a salesperson for selling a product to a customer.
- An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
- Commissioners' Reserve Valuation Method — Definition,
- A method used to determine the minimum statutory reserves for annuities and insurance products.
- Commutation — Definition,
- An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
- Comparative Negligence — Definition,
- The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
- Completed Operations Insurance — Definition,
- Insurance that provides protection against liability after contractual obligations have ended.
- Completion Bond — Definition,
- Insurance purchased to make sure that an important project is completed, even if something unexpected happens, financial or otherwise.
- Comprehensive Insurance — Definition,
- Auto insurance that covers damages not resulting from a collision, and for vehicle theft.
- Comptroller — Definition,
- An individual who oversees and audits the financial reporting and accounting of an organization.
- Concealment — Definition,
- The act of lying or omitting information when applying for insurance coverage.
- Concurrent Causation — Definition,
- If there is more than one cause of damage in an insurance claim and one cause is covered while the other is not, the insurer is obligated to cover the loss.
- Concurrent Insurance — Definition,
- Multiple insurance policies that cover the same exposure.
- Concurrent Periods — Definition,
- When a patient requires treatment for more than one ailment at a time, all insurance benefits are paid together.
- Conditional Sales Floater — Definition,
- Insurance that covers losses on property sold conditionally or on an instalment plan.
- Confining Condition — Definition,
- Any medical condition that forces an individual to stay confined to a single location.
- Consequential Loss — Definition,
- The financial loss that occurs due to an entity's inability to use an asset or property.
- Consignment Insurance — Definition,
- Insurance for assets on loan, consignment, in transfer of ownership, or up for auction.
- Contingent Beneficiary — Definition,
- A beneficiary who only receives his or her benefit when specific conditions have been met.
3.
Clean Sheeting -
Commission
Commission
