Commercial Package Policy (CPP) (USA)
A Commercial Package Policy (CPP) is a type of insurance policy in the U.S. that combines two or more different types of commercial insurance coverage into one package.
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.
Commercial Property Insurance
Commercial property insurance is a type of insurance that provides financial protection for a business’s physical assets, such as its buildings, equipment, and inventory, against a variety of risks, including fire, theft, vandalism, and natural disasters.
Comparative Negligence
Comparative negligence is a legal principle used in tort law to allocate fault between multiple parties involved in an accident or injury.
Comprehensive Coverage
Comprehensive coverage is a type of auto insurance coverage that covers damages to your vehicle caused by events other than a collision (Based on geography), such as:
Theft
Vandalism
Fire
Natural disasters (example – floods, hurricanes, earthquakes)
Falling objects
Animal collisions.Conditions
In insurance policies, conditions refer to the section that outlines the rights and responsibilities of both the policyholder (insured) and the insurance company (insurer).
Consequential Loss
Consequential loss, also known as indirect loss, is a loss that occurs as a secondary result of a direct loss.
Contingent Business Interruption
Contingent business interruption insurance is a specialized type of insurance that protects businesses from financial losses caused by a disruption to their operations due to damage to the property of a supplier or customer.
Contribution
In insurance, contribution is the principle that applies when a loss is covered by more than one insurance policy.
Convertible Term Insurance
Convertible term insurance is a type of term life insurance that gives the policyholder the option to convert the policy to a permanent life insurance policy, such as whole life insurance, without having to undergo a new medical exam or provide evidence of insurability.
Cost of Insurance
The total cost incurred by an insurance company to provide and maintain insurance coverage, including claims payments, operating expenses, and the cost of capital.
Coverage
Insurance coverage refers to the specific protections and benefits provided by an insurance policy.
Critical Illness
Critical illness insurance is a type of insurance that pays a lump-sum cash benefit to the policyholder upon the diagnosis of a specified critical illness, such as cancer, heart attack, stroke, or kidney failure.