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Info Center Glossary of Terms
Glossary of terms used on this site
There are 264 entries in this glossary.All
| Term | Definition |
|---|---|
| Concealment |
Failure to disclose facts which may void an insurance policy |
| Conditional Receipt |
Given to policy owners when they pay a premium at the time of the application. These receipts bind the insurance company, provided your policy is approved, but are subject to any other conditions stated on the receipt. |
| Conditions |
Things agreed upon in an insurance policy that state the rights and the requirements of the insured and the insurer |
| Consequential Loss |
An indirect loss such as the reduction in value of property that is the result of a direct damage loss |
| Constructive Total Loss |
Term used when damage to property is more than the value of the property |
| Contestable Clause |
A provision in an insurance policy setting forth the conditions or time period under which the insurance company may contest or void the policy. After this time has lapsed, typically two years, the policy cannot be contested. Example: Suicide. |
| Contingent Beneficiary |
Person or persons designated to receive the value of an insurance policy in case the original beneficiary is not alive. |
| Contract |
An agreement between two or more parties with characteristics of mutual assent, competent parties, a valid consideration and legal subject |
| Convertible Term |
A policy that may be changed to another form by contractual provision and without evidence of insurability. Most term policies are convertible into permanent insurance. |
| Countersignature |
The signature of a licensed agent or representative on a policy that is required to validate the policy. |
| Coverage |
Coverage is just another term for Insurance. It can be used to mean either the dollar amounts of insurance purchased ($500,000 of liability coverage), or the type of loss covered (coverage for theft). |
| Cross-Purchase Plan |
An agreement that provides that upon a business owner's death, surviving owners will purchase the deceased's interest, often with funds from life insurance. |
| Cumulative Injury |
A type of injury which occurs from the repetition of tasks over an extended length of time |
| Data Processing or EDP Coverage |
All risk property insurance for electronic data processing equipment (computers), computer programs and data including mechanical breakdown, electrical injury and changes in temperature and humidity |
| Death Benefit |
The amount of money paid to the beneficiary when the insured person dies. |
Info Center Glossary of Terms
