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Glossary
Constructive total loss : Insurance Glossary
Section 60 of the Marine Insurance Act 1906 states that, subject to any policy provision, a constructive total loss arises where the subject matter...
Consortium : Insurance Glossary
An agreement between a group of two or more insurers according to which each member of the group agrees to accept a proportion of...
Commutation : Insurance Glossary
The termination of a reinsurance contract by agreement of the parties on the basis of one or more lump sum payments by the reinsurer...
Commercial lines : Insurance Glossary
Insurance which is sold to firms. This term is used in contrast to personal lines.
Coming into line : Insurance Glossary
A biannual procedure currently undertaken in June and November each year which requires members to demonstrate that they have sufficient eligible assets to meet their current...
Combined ratio : Insurance Glossary
The claims and expenses of an insurer/reinsurer for a given period divided by its premium for the same period. It is normally expressed as...
Coinsurance : Insurance Glossary
This may refer to either of the following situations:
(a) Where two or more insurers underwrite the same risk with several liability such that each...
Closed Year : Insurance Glossary
A year of account that has been closed into another year of account by means of a reinsurance to close contract. Historically most companuies...
Classes of business : Insurance Glossary
There are five main classes of insurance and reinsurance business: marine, non-marine, motor, aviation and term life insurance. The market rules that previously...
Claims notification clause : Insurance Glossary
A clause in an insurance or reinsurance contract which sets out the procedure that the insured or reassured must follow in order to make...
Claims made policy : Insurance Glossary
A policy which only pays claims that are notified to the insurer during a specified period.
Claimant : Insurance Glossary
The person making a claim.
Claim : Insurance Glossary
Depending on the context this term may refer to:
(a) a demand made by a policyholder on his insurer(s) for payment or some other contractual benefit...
Cession : Insurance Glossary
A particular risk exposure that is transferred under a reinsurance treaty.
Central accounting : Insurance Glossary
A facility is that is operated by a Corporation whereby sums due to and from individual brokers and syndicates are processed centrally and their...
Certificate of insurance : Insurance Glossary
Depending on the context this term may refer to:
(a) A document which evidences the existence of insurance cover but which does not detail all...
CentreWrite Limited : Insurance Glossary
A subsidiary of the Society that is permitted to underwrite run-off reinsurance contracts for syndicates in run-off and estate protection reinsurance for Names.
Central Fund – New Central Fund : Insurance Glossary
The fund held, managed and applied by the Society pursuant to the New Central Fund Byelaw (No. 23 of 1996).
Cede : Insurance Glossary
To transfer a risk exposure under a reinsurance contract.
Cedant’s line : Insurance Glossary
The retention under a surplus lines treaty.
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