Insurance terms starting with C

28 terms

  1. Cancellation Termination of a policy before its normal expiration date.
  2. Cash Value (Cash Surrender Value) The amount available in cash upon surrender of a policy before it becomes payable upon death or maturity.
  3. Claim Your request for the insurance company to pay you an amount under the terms of your policy.
  4. Claimant A person who makes an insurance claim.
  5. Claims Adjuster A person an insurance company hires to settle claims. The adjuster can be a company employee or an independent party under contract with the company.
  6. Coinsurance Clause An agreement with the insurance company in which you agree to carry insurance on your property in an amount equal to a certain percentage of its actual…
  7. Collision This benefit pays to repair damage to your car as a result of an accident. Most banks or lenders require you to buy this coverage to receive a car loan.
  8. Collision Coverage Pays for damage to your vehicle when it collides with another vehicle or object or if it overturns.
  9. Commission A portion of the policy premium that is paid to an insurance producer (agent) by the insurance company as compensation for the producer’s work.
  10. Community A political entity that has the authority to adopt and enforce floodplain ordinances for the area under its jurisdiction.
  11. Community Rating System (CRS) A program developed by the FEMA Mitigation Division to provide incentives for those communities in the National Flood Insurance Program that have gone…
  12. Company profile A summary of information about an insurance company, including its license status, financial data, complaint history, and a history of regulatory action.
  13. Comparative fault A method of attributing fault to each party who contributed to causing an accident.
  14. Comparative Negligence Law An Illinois law that sets forth how negligence for an accident is determined. Under these rules, you can collect from an at-fault driver only if you are…
  15. Complaint A written communication primarily expressing a grievance against an insurance company or agent.
  16. Complaint history Information collected or maintained by the Texas Department of Insurance relating to the number of complaints received against a particular insurer, agent…
  17. Comprehensive Coverage Coverage that pays for damage to or the loss of your vehicle from causes other than collision (example: hail, vandalism, flood, fire and theft, etc.
  18. Comprehensive physical damage coverage Optional insurance that pays for damage to your auto caused by things other than collision or rolling the car over such as fire, theft, vandalism, flood…
  19. Conditions Part of an insurance policy that states your obligations and those of your insurance company.
  20. Condominium That form of ownership of real property in which each unit owner has an undivided interest in common elements.
  21. Contract In most cases, the term "contract" refers to an insurance policy. A policy is considered to be a contract between the insurance company and the…
  22. Convertible Term Insurance Term insurance that offers the policyholder the option of exchanging it for a permanent plan of insurance without evidence of insurability.
  23. Cost Index A way to compare the costs of similar plans of life insurance. A policy with a smaller index number is generally a better buy than a comparable policy…
  24. Cost-Of-Living Rider An option that permits the policyholder to purchase increasing term insurance coverage.
  25. Covered Expenses The losses or conditions that the policy will pay for.
  26. Credit Score A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO® score.
  27. Current Assumption Whole Life A variation of universal life insurance, this product involves fixed premiums and fixed death benefits. Its cash value growth depends on market conditions.
  28. Custom/Non-factory Equipment Coverage Covers customized features such as those found on conversion vans, as well as non-factory items such as compact disc players, cellular phones or CB radios.