Casualty in P&C Insurance
In property and casualty (P&C) insurance, the term “casualty” refers to the liability portion of the coverage.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Catastrophic Loss
A catastrophic loss is a large-scale loss that causes significant damage or financial burden, often exceeding a predetermined threshold.
Catastrophic Modelling
Catastrophe modeling is a type of risk assessment used by insurers, reinsurers, and other organizations to estimate the potential financial impact of catastrophic events, such as natural disasters or man-made disasters.
Cause of Loss Forms (USA)
Cause of loss forms in the U.S. are standardized forms used in Commercial Property Insurance policies to specify the perils (causes of loss) that are covered by the policy.
Certificate of Insurance
A certificate of insurance (COI) is a document that provides proof of insurance coverage.
Change of Heart Coverage — Wedding Insurance (USA)
Change of Heart Coverage is a unique benefit that was historically available in select U.S. wedding insurance policies. It provided financial protection when a wedding was cancelled because the bride or groom voluntarily decided not to proceed with the marriage. Unlike cancellations due to illness, vendor failure, weather, or accidental loss, this feature addressed a highly sensitive and purely personal reason: a sudden decision to call off the wedding.
Claim Adjuster
A claim adjuster, also known as an insurance adjuster or loss adjuster, is a professional who investigates insurance claims to determine the extent of the insurer’s liability.
Claim Recovery
Claim recovery, in the context of insurance, refers to the process of an insurance company recovering the amount it has paid out for a claim from another party who is legally liable for the loss.
Claims-Made Policy
A claims-made policy is a type of insurance policy that provides coverage for claims that are both made against the insured and reported to the insurer during the policy period.
Collision Coverage
Collision coverage is a type of coverage in auto insurance that covers damages to your vehicle caused by a collision with another vehicle or object.
Combined Ratio
A measure of an insurance company’s underwriting profitability, calculated as the sum of the loss ratio and the expense ratio.
Commercial Audit
A commercial audit, in the context of insurance, is an examination of a business’s operations, records, and financials to determine the correct exposure for certain types of insurance policies.