Glossary beginning with C | IFFCO Tokio General Insurance Company in India

Glossary beginning with C

Cancellationsearch for term

The discontinuance of an insurance policy before its normal expiration date, either by the insured or the Insurance Company.

Capacitysearch for term

The amount of capital with an insurance company as a whole for underwriting general insurance coverage.

Capital sum insuredsearch for term

It is the sum insured of a Person for which cover is sought under a Personal Accident Policy.

Captive Agentsearch for term

An agent who, by contract, represents only one company and its affiliates.

Cargo Insurancesearch for term

Type of insurance that protects the shipper/owner of the goods against financial loss if the goods are damaged or lost while in transit in between place of commencement and destination.

Catastrophesearch for term

Event which causes loss of extraordinary magnitude, such as a hurricane or tornado.

Cedesearch for term

To transfer to a re insurer all or part of the insurance or reinsurance risk written by a ceding company.

Ceding Commissionsearch for term

In calculating a reinsurance premium, an amount allowed by the reinsurer for part or all of a ceding company's acquisition and other overhead costs, including premium taxes. It may also include a profit factor. See Overriding Commission.

Certificate of Insurancesearch for term

A document issued to a member of a group insurance plan, describing the insurance benefits and principal provisions of the policy in brief.

Cessionsearch for term

The amount of a risk which the insurance company reinsures: the amount passed on to the reinsurer.

Chartered Property Casualty Underwriter (CCU)search for term

Professional designation granted to persons in the property and liability insurance field who pass a series of rigorous examinations and meet specified eligibility requirements.

Claimsearch for term

It is a notification to an insurance company that payment of an amount is due under the terms of a policy by the insured.

Claim Amountsearch for term

It is the amount payable by the insurer under a policy on a claim arising.

Claim Settling agentssearch for term

They are appointed by insurer in a foreign country abroad for survey/settlement of claims arising out of policy issued in the home country for Overseas mediclaim and marine insurance policies.

Claims Cohortsearch for term

A group of claims with a common period of origin. The period is usually a calendar year, but may be shorter. The origin may be defined by the date of the occurrence of claim or alternatively by the date of reporting.

Claims reservesearch for term

Claims provision, provision for outstanding claims/claims outstanding, claims reserve, total claim liability.

Clausesearch for term

Sentences and paragraphs describing coverage's, exclusions, duties of an insured, and termination of coverage, and other such parts of the insurance policy.

Claused Bill of Ladingsearch for term

Bill of Lading, which has been endorsed by the ship owner, as the goods described thereon do not conform to what is offered for shipment e.g., package missing, inadequately packed.

Clean Bill of Ladingsearch for term

A bill of Lading is said to be clean if it has no superimposed clause expressing of any defective condition of the packaging or of goods.

Co-insurancesearch for term

A means of spreading the risk on larger insurances between two or more direct insurers.

Co-Insurerssearch for term

Two or more insurers jointly covering the same risk.

Collusionsearch for term

A deal between persons usually to the detriment of other persons or for some improper purpose.

Combined ratiosearch for term

A rough indication of the profitability of a property and liability insurer's underwriting operations, generally computed by adding the ratio of losses incurred to premiums earned and expenses incurred to premiums written.

Commercial Linessearch for term

Insurance for businesses, professionals, and commercial establishments.

Commissionsearch for term

The fee paid by the insurance companies to agents and brokers for the sale of policies.

Common carriersearch for term

A firm that offers to transport merchandise for hire and must accept shipments from anyone who wishes to use its services. Different laws and rules govern common carriers than do. Private or contract carriers that only transport the goods of those with whom they have made agreements.

Common lawsearch for term

Common law comprises the body of principles and rules of action, relating to the government and security of persons and property, which derive their authority solely from usages and customs of immemorial antiquity, or from the judgments and decrees of the courts. It is outside the laws created by enactment of statutes.

Comprehensivesearch for term

A loosely used term signifying broad or extensive coverage of insurance.

Compulsory Insurancesearch for term

Any form of insurance which is required by law. e.g. Motor third party insurance, Public Liability Act Insurance.

Concealmentsearch for term

Deliberate suppression of material facts that would affect the validity of a policy of insurance.

Conditionssearch for term

Those provisions in insurance contracts that qualify the insurer's promise of indemnity or impose obligations on the insured.

Consequential Losssearch for term

A loss which is an indirect result of an accident or fire, e.g. food spoiled through breakdown of a refrigerator.

Considerationsearch for term

Price, token, or other matter used as an inducement for the completion of a contract, as an insurance premium.

Constructive Total Losssearch for term

A loss of sufficient amount to make the cost of salvaging or repairing the property equal to or greater than the value of the property when repaired.

Contract of Insurancesearch for term

An agreement between the insurer and one or more parties, called the insured, whereby the insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the insured a certain sum of money or to grant certain compensation on the happening of a specified event.

Contractual liabilitysearch for term

Legal liability assumed under contract.

Contributionsearch for term

A participation, as two insurance policies in the same loss.

Contributory negligencesearch for term

The lack of ordinary care on the part of an insured person, which combined with the defendant's negligence and contributed the injury as a proximate cause. In some jurisdictions, contributory negligence on the part of an injured party will defeat his or her claim.

Cover Notesearch for term

A cover note is a document issued in advance pending the issue of the policy, and is normally required if the policy cannot for some reason or other be issued straight away. Cover notes can also be issued during the course of negotiations to provide cover on a provisional basis. A cover note is not a stamped document but is honored, all the same , by all parties concerned.

Coveragesearch for term

The scope of protection provided under a contract of insurance; any of several risks covered by a policy.

Credit insurancesearch for term

A form of guarantee to manufacturers and wholesalers against loss resulting from default on the part of debtors.

Crop-Hail insurancesearch for term

Protection against damage to growing crops as a result of named perils.

Cumulative Bonussearch for term

The percentage at which the sum insured gets increased annually, without additional premium, e.g. Personal Accident Insurance, Mediclaim Insurance.

Download Motor Policy