A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z
 |
- Cancellation is when you or your insurance company decided to end all insurance coverage prior to the policy expiration date.
- Captive Agent is a licensed insurance agent who represents only one insurance company and is limited by contract agreement from submitting new business to any other insurance company, unless or until the agent’s captive company rejects the business.
- Casualty Insurance is the type of insurance product concerned with the losses caused by injuries to other people and/or the legal liability of the insured for any injury or property damage caused to other people.
- Catastrophe is the word used for recording statistical information referring to a single event or a series of closely related events which cause severe loss in property damage. In order for an incident or event to be considered a catastrophe loss the property damage must total more than a determined amount. At the time of this Blog writing the amount is currently $25 million dollars.
- Claim is the demand made by an insurance policyholder, or a beneficiary, for the payment of the benefits defined in the insurance policy.
- COBRA Is the acronym for Omnibus Budget Reconciliation Act. COBRA is a federal law requiring employers with 20 or more employees to offer a continuation of health plan coverage to the employee and their dependents when the employee leaves the position. The employee is responsible for the full premium payments with coverage extending for up to 18 months, with some exceptions to surviving dependents where coverage may be extended longer.
- Coinsurance has two important and different meanings in insurance. For property insurance, it requires the insurance policyholder to carry coverage limits equal to a specific percentage of the value for the property–in order to receive a full payment for a loss. For health insurance, coinsurance represents a percentage the insured must pay for every claim after the deductible has been paid by the policyholder. If the health insurance policy has a coinsurance clause of 20%, the policyholder would pay a deductible plus an additional 20% of covered claims. There is generally a specific ceiling, where the insurance company will start paying 100% of loss.
- Collision Auto Insurance is the insurance coverage which pays for your own auto damage caused by anything not covered under comprehensive insurance or another insurance policy.
- Commercial Lines is the type of insurance used by businesses, professionals and commercial establishments.
- Commission is the fee paid to the insurance agent or sales representative. The commission rates paid to an agent or sales person can vary greatly between companies, coverage types, and sales methods.
- Completion Bond liability offered for several different types of risks, each risk containing, an obligation made directly or contingently to finance the cost or part of the cost of an improvement or project. Commonly used for major construction projects or Movie Productions.
- Comprehensive Auto Insurance is the insurance coverage which pays for your own auto damage caused by anything not covered under collision insurance or another insurance policy. Fire damage or a cracked window would be covered under comprehensive.
- Compulsory Auto Insurance Or state financial responsibility–there may be other names this coverage is called but, compulsory insurance is the amount of auto liability insurance required under a the auto insurance state law. These laws generally require every driver to show proof of insurance in the event of an accident or that they can pay for damages up to the state minimum requirements. In compulsory liability states proof of insurance is often required before a person can legally drive or register a car.
- Coverage is the protections outlined and provided for under the terms of the insurance policy. For property insurance, the coverage may list the perils covered and insured against, the location and description of the properties covered, the named individual insured, and the limits of indemnification. For life insurance, living and death benefits would be listed. In the business of insurance “Coverage” is a synonym for “Insurance.”
- Co-payment is the flat fee a health insurance policyholder pays for health-care services. A co-payment is an out-of-pocket payment generally based on a per office visit charge.
- Credit Score Your credit history and insurance history are important in most financial aspects of your life. Your credit score determines the interest rates you may pay, and your ability to obtain credit. Insurance is all about financial planning and personal risk management. It should make sense that insurance companies consider your credit score as well.
- Crime Insurance refers to any property coverage to protect from the losses of burglary, theft and robbery.
Photo credit for this blog entry: 
(standard use restrictions apply)
Glossary of Insurance Terms:
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z
Families.com Blogs are for informational purposes only. Families.com assumes no responsibility for consumer choices. Consumers are reminded that it is their responsibility to research their choices properly and speak to a certified insurance professional prior to making any decision as important as an insurance purchase.