Catastrophe
In the insurance context, a catastrophe refers to a large-scale disaster or event that causes widespread property damage, significant financial losses, and often, loss of life.
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.
Catastrophic Peril
A catastrophic peril is an event that causes widespread destruction and significant financial loss to property and lives.
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
In insurance, a claim is a formal request made by a policyholder to their insurance company for coverage or compensation for a loss or event that is covered under their insurance policy.
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 Investigation
Claim investigation is the process of gathering information and evidence to determine the validity of a claim, the extent of the insurer’s liability, and the appropriate amount of compensation to be paid.
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.
Claim Reserve
An estimate of the amount of money an insurance company will need to pay for a claim that has been reported but not yet settled.