BENEFICIARY
The person or party named by the owner of a life insurance policy to receive the policy benefit.
BINDER
insurance contract providing coverage until a permanent policy is issued.
BROAD FORM INSURANCE
Coverage for numerous perils.
CALENDAR YEAR
Earned premiums and loss transactions occurring with the calendar year beginning Jan. 1, irrespective of the contractual dates of the policies to which the transactions relate and regardless of the dates of the accidents.
CALENDAR/ACCIDENT YEAR
The accumulation of loss data on all accidents with the date of occurrence falling within a given calendar year. The earned premium is the same as in calendar year.
CASH VALUE
The savings element of a permanent life insurance policy, which represents the policy owner’s interest in the policy.
CATACLYSM
Any great upheaval that causes sudden and violent changes, as an earthquake, war, great flood, etc. (New World)
CATASTROPHIC LOSS
Damage resulting from a catastrophe.
CATASTROPHIC RISK
The risk of a large loss by reason of the occurrence of a peril to which a very large number of insured are subject. (Gloss.)
CATEX
An exchange through which insurers trade standardized catastrophe units.