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Camera and Musical Instrument Dealers Form
An all risk In land Marine dealers form that covers stocks of merchandise at the insured's premises, in transit, away in an employee's custody or elsewhere.

Termination of an insurance policy in force by a voluntary act of the insured or by insurer for lack of payment, fraud misrepresentation etc.

The maximum amount of coverage a company will write on a specific risk.

Capital Stock  Company
A  corporate form of insurer, owned  by stockholders  and  having reserve and surplus funds.    

Captive Agent
An agent under exclusive contract to one company.    

Captive Insurance Company
A company formed to insure the risks of a parent company . This is usually done when business insurance for a certain commercial risk cannot be obtained through markets.
Cargo Liability Insurance
Protects against legal liability for loss or damage to cargo or baggage May be part of an Ocean Marine or Aviation policy.

Liability or loss resulting from an accident.

Casualty Insurance
That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others.  It also includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler and machinery insurance and Aviation insurance.  Many casualty companies also write surety business.

An event which loss is of extraordinary magnitude, such as a hurricane or tornado.
Causes of Loss Form
A form which is a part of the Commercial Property Coverage section of the Commercial Package policy. It specifies what perils are insured against and lists exclusions.  Several different versions provide increasingly broad coverage from basic to broad to special. An earthquake form is also available.

Certificate of Insurance
Evidence to another that one has insurance of a certain type and amount. Proof of insurance.

Certified Professional Insurance Man (CPIM)
Designation granted by the National Association of Insurance Women upon successful completion of courses of study in pasic insurance principles, personal and commercial property and liability coverages.    

Certified Professional Insurance Woman (CPIW)
Designation granted by the National Association of Insurance Women upon successful completion of courses of study in basic insurance principles, personal and commercial property and liability coverages.

Chartered  Life Underwriter  (CLU)
A designation granted – by the American  College of Life Underwriters upon successful completion of a series of examinations  in Life and  Health insurance, economics,  business  insurance, estate  planning, etc.

Chartered Property and Casualty Underwriter (CPCU)
Designation granted by the American Institute for Property and Liability Underwriters Insurance Institute of America upon successful completion of a series of examinations in the fields of insurance other than Life insurance, including accounting, financing, economics, and management.

The assertion of a legal right against an insurer, that carries with it a demand for appropriate relief.

Claims-Made Form
A liability form which is part of.the Commercial General Liability part of the Commercial Package policy. Covers bodily injury and property damage which occurs on or after the retroactive date, if any, and for which a claim is first made during the policy period.

The first or third party. That is any person who asserts right of recovery.

Coinsurance Clause
A clause that requires an insured to pay part of a loss if the coverage provided under the policy limits is less than a specified percentage of the value of the property at the time of loss.

Collision (Auto)
Reimburses you for damage to your automobile sustained in a collision with another car or with any other object, movable or fixed, (for example, you accidentally backed into another object while pulling out from a parking stall and causing damage to the bumper and fender of your covered automobile.

Collision Deductive Waiver
This coverage waves your collision deductible if you are hit by an negligent uninsured motorist.

Fee paid to an agent or insurance salesperson as a percentage of the policy premium.  The percentage varies widely depending on coverage, the insurer and the marketing methods.

Common Carrier Liability
Coverage for transportation firms that must carry any customer's goods so long as the customer is willing to pay. Examples include trucking companies, bus lines, and airlines.

Comprehensive (Auto)
Provides coverage for any direct and accidental loss of, or damage to, your covered automobile and its normal equipment to include but not limited to fire theft or malicious mischief.

Comprehensive Glass Insurance
Coverage on an "all risks" basis for glass breakage, subject to exclusions of war and fire.

Commercial Articles Coverage
Part of theInland Marine Coverage part of the Commercial Package policy. Provides all risk coverage for cameras and musical instruments on either a scheduled or blanket basis.

Commercial General Liability Policy (CGL)
AnInsurance policy that provides limits for general liability, fire legal liability, medical payments, products and completed operations, as well as advertising and personal liability .

Commercial Package Policy (CPP)
A simplified, easy-to-read commercial package policy introduced byISO.Includes General Liability, Commercial Property, CommercialInland Marine, Commercial Crime, Boiler and Machinery, Commercial Auto and Farm. Forms may be used in the package policy or may be used to issue mono line policies.

Common Policy Conditions
A form containing conditions that apply to all coverages issued under the Commercial Package policy program.

Comprehensive Coverage
In  automobile   insurance,   a   broad  physical  damage  coverage   which covers  all  property  losses  except  collision  and  those  perils  or  property  which  are  specifically excluded.    

Computer Fraud Coverage Form
A form which is a part of the Commercial Computer Crime Coverage part of the Commercial Package policy. It covers loss of all types of property by theft related to the use of computers to fraudulently cause a transfer of property from inside the insured's or a banking premises.

The withholding of a material fact from the insurance company. May void the policy .
Concurrent Insurance
Two or more policies with the same conditions that cover the same interest in identical property.

Conditional Binding Receipt
A receipt given for premium payments accompanying an application for insurance

Conditionally Renewable
A type of health insurance cancellation clause that states that the insurer can refuse to renew the policy only under certain conditions stated in the policy .

The portion of an insurance contract which sets forth the rights and duties of the insured and the insurance company .

Condominium Association Coverage Form
A part of the Commercial Property Coverage part of the Commercial Package policy which covers the  buildings in a condominium complex (not the unit-owner's  personal  property)

Condominium Commercial Unit-Owners Coverage Form
A part of the Commercial Property Coverage part of the Commercial Package policy which covers business personal property.

Consequential Damage
Damage which occurs as "consequence" of a direct loss, such as loss from spoilage resulting from lack of power, light, heat, etc. Not generally covered under property policies unless specified.

Consequential Loss
A loss arising indirectly from an insured peril, such as damage to goods as a result of fire that causes failure of refrigeration while not actually burning the stored goods themselves.

Conservation Bond
Fiduciary bond for those appointed to manage and preserve property other than estates of decedents.

Construction Bond
This bond will protect the owner of a building or other structure should the contractor be unable to fulfill his contractual duty to the insured in such a case, the insurer is obligated to see that the work I completed

Constructive Total Loss
In Ocean Marine insurance, a loss which occurs when property is not completely destroyed but the cost to salvage or repair the property would exceed its value.

Contingent Liability
Liability which an insured or business incurs because of the actions of others (i.e., family or employees) . Also called vicarious liability.

Continuous Policy
A policy without an expiration date. One that remains in effect until cancelled .

A legal agreement between two parties promising a certain performance in exchange for a certain consideration.

Contract Bond
A category of Surety bonds which guarantees the fulfillment of contractual obligations.Includes Bid bonds, Labor and Materials bonds, Performance bonds, Payment bonds and Supply bonds.

Contractors Equipment Coverage Form
Part of the Inland Marine Coverage part of the Commercial Package policy.It covers various types of contractors mobile equipment.

Contractual Liability Insurance
Provides coverage against liability rising out of an insured's contractual obligations. Excluded in the Commercial General Liability policy, subject to several exceptions.

Controlled Lines
Classes of Inland Marine coverage for which standardized forms have been prepared as part of the Commercial Package policy. Contrast uncontrolled lines.

A predetermined, flat fee an individual pays for health-care services, in addition to what insurance covers.  For example, some HMO's require a $10 copayment for each office visit, regardless of the type or level of services provided during the visit.  Copayments are not usually specified by percentages.

Signature of a licensed agent or representative on a policy necessary to validate it.

Court Bond
A category of judicial bonds required for most types of court litigation: civil suits, criminal actions, appeal, bail bonds, etc. (Includes bail bonds, litigation bonds)

Coverage Trigger
The event which triggers  coverage  under a  Commercial  General Liability Coverage form.  Under the  Occurrence  form, the coverage  trigger  is bodily  injury or  property damage  which  occurs during the  policy period. Under the Claims-Made form, the trigger  is BI or PD which occurs on or after the retroactive date and for which claim is made during the policy period .

Credit Life Insurance
Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.

Crime Coverage Plans
Various groups of Crime Coverage forms designed to provide a package of crime insurance to meet the insured's needs.

Crop Insurance
Insurance Coverage against damage to growing crops.

Customs Bond
A Surety bond that may be required of those associated with import or export activities, to guarantee that the required custom will be collected, reported and paid.

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