CLAIM
A formal request for payment related to an event or situation that is covered under an in-force insurance policy.
COINSURANCE CLAUSE
A clause requiring the insured to maintain insurance on the property at least equal to a stipulated percentage of its value in order to collect partial losses in full.
COMMERCIAL LINES
insurance coverages for businesses, commercial institutions, and professional organizations.
CONCENTRATION FACTOR
all companies are subject to an asset concentration factor that reflects the additional risk of high concentrations in single exposures
CONSUMER PRICE INDEX
An index of consumer prices based on the typical market basket of goods and services consumed by all urban consumers during a base period.
CONTINGENT BENEFICIARY
The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.
CONVERTIBLE TERM INSURANCE POLICY
A term life insurance policy that gives the policy owner the right to convert the policy to a permanent plan of insurance.
CORRECTIVE ORDER
insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.
CREDIT RISK
a measure of the default risk on amounts that is due from policyholders, reinsures or creditors.
DECLINED RISK
A proposed insured who is considered to present a risk that is too great for an insurer to cover.