Derivative securities priced according to the value of other financial instruments such as commodity prices, interest rates, stock market prices, foreign or exc...
Employee Benefit Liability liability protection for an employer for claims arising from provisions in an employee benefit insurance plan provided for the econom...
Commercial Package Policy provides a broad package of property and liability coverages for commercial ventures other than those provided insurance through a bus...
Experience Rating rating system where each group is rated entirely on the basis of its own expected claims in the coming period, with retrospective adjustments...
Continuation of Care Requirement statutory or contractual provision requiring providers to deliver care to an enrollee for some period following the date of a H...
Credit Involuntary Unemployment credit insurance that provides a monthly or lump sum benefit during an unpaid leave of absence from employment resulting from sp...
Deductible Portion of the insured loss (in dollars) paid by the policy holder What is Deductible , What does mean Deductible , Insurance Guide, Insurance Glos...
Earthquake property coverages for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption. Excluded are los...
Event Cancellation coverage for financial loss because of the cancellation or postponement of a specific event due to weather or other unexpected cause beyond t...
Conditions requirements specified in the insurance contract that must be upheld by the insured to qualify for indemnification. What is Conditions , What does...
FEMA Federal Emergency Management Agency an independent agency, tasked with responding to, planning for, mitigating and recovery efforts of natural disasters....
Credit Credit Default coverage purchased by manufacturers, merchants, educational institutions, or other providers of goods and services extending credit, for i...
Domestic Insurer an insurance company that is domiciled and licensed in the state in which it sells insurance. What is Domestic Insurer , What does mean Domes...
Enrollment The total number of plans, not the total number of covered lives, providing coverage to the enrollee and their dependents. What is Enrollment ...
Comprehensive (Hospital and Medical) line of business providing for medical coverages; includes hospital, surgical, major medical coverages; does not include Me...
Fair Value the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that...
Copay a cost sharing mechanism in group insurance plans where the insured pays a specified dollar amount of incurred medical expenses and the insurer pays the r...
Creditor Placed Home single interest or dual interest credit insurance purchased unilaterally by the creditor, who is the named insured, subsequent to the date...
Difference In Conditions (DIC) Insurance special form of open peril coverage written in conjunction with basic fire coverage and designed to provide protection...
Employee Retirement Income Security Act of 1974 (ERISA) a federal statute governing standards for private pension plans, including vesting requirements, funding...
Commercial Property property insurance coverage sold to commercial ventures. What is Commercial Property , What does mean Commercial Property , Insurance Guid...
Continuing Care Retirement Communities senior housing arrangements that in addition to housing include some provision for skilled nursing care. What is Contin...
Credit Life Insurance policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor....
Deferred Annuity annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specified number of years...
EBNR Earned but not reported premium amount insurer reasonably expects to receive for which contracts are not yet final and exact amounts are not definite. Wha...
Excess and Umbrella Liability liability coverage of an insured above a specific amount set forth in a basic policy issued by the primary insurer; or a self insu...
Condos homeowners insurance sold to condominium owners occupying the described property. What is Condos , What does mean Condos , Insurance Guide, Insurance G...
Fidelity a bond or policy covering an employer's loss resulting from an employee's dishonest act (e.g., loss of cash, securities, valuables, etc.). What is Fi...
Credit Involuntary Unemployment makes loan/credit transaction payments to the creditor when the debtor becomes involuntarily unemployed. What is Credit - In...
Disability Income a policy designed to compensate insured individuals for a portion of the income they lose because of a disabling injury or illness. What is...
Dual Interest insurance that protects the creditor's and the debtor's interest in the collateral securing the debtor's credit transaction. "Dual Interest" inclu...
Environmental Impairment Liability (EIL) coverage for negligence or omission resulting in pollution or environmental contamination. What is Environmental Impa...
Comprehensive General Liability (CGL) coverage of all business liabilities unless specifically excluded in the policy contract. What is Comprehensive General...
Farmowners Insurance farmowners insurance sold for personal, family or household purposes. This package policy is similar to a homeowners policy, in that it has...
Corrective Order commissioner's directive of action to be completed by an insurer. What is Corrective Order , What does mean Corrective Order , Insurance Guid...
Crop coverage protecting the insured against loss or damage to crops from a variety of perils, including but not limited to fire, lightening, loss of revenue, t...
Direct Incurred Loss loss whereby the proximate cause is equivalent to the insured peril. What is Direct Incurred Loss , What does mean Direct Incurred Loss ,...
Employers Liability employers' liability coverage for the legal liability of employers arising out of injuries to employees. This code should be used when cover...
Commission a percentage of premium paid to agents by insurance companies for the sale of policies. What is Commission , What does mean Commission , Insurance...
Extra Expense Insurance a type of property insurance for extraordinary expenses related to business interruption such as a back up generator in case of power fa...
Contract Reserves reserves set up when, due to the gross premium structure, the future benefits exceed the future net premium. Contract reserves are in addition...
Credit Personal Property Insurance insurance written in connection with a credit transaction where the collateral is not a motor vehicle, mobile home or real es...
Capital Gains (Loss) excess (deficiency) of the sales price of an asset over its book value. Calculated on the basis of original cost adjusted, as appropriate,...
Claim a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement. What is Claim , What does m...
Business Interruption loss of income as a result of property damage to a business facility. What is Business Interruption , What does mean Business Interrupti...
Ceding Company an insurance company that transfers risk by purchasing reinsurance. What is Ceding Company , What does mean Ceding Company , Insurance Guide, I...
Commencement Date date when the organization first became obligated for any insurance risk via the issuance of policies and/or entering into a reinsurance agree...
Cash Equivalent short term, highly liquid investments that are both (a) readily convertible to known amounts of cash, and (b) so near their maturity that they p...
