Find term beginning with the letter C...

Certified Insurance Facilitator (CIF)

A Certified Insurance Facilitator or a CIF is a person who guides insurance buyers in purchase of insurance policy based on their financial profile and the specific requirements of their dependents or the insurance beneficiary.

Claim

A claim is a formal request made by the life insured or the nominee to the insurance company asking to compensate for the loss the insured suffered.

Claim Settlement Ratio

Claim settlement ratio or CSR of an insurance company is the ratio of the number of claims settled vs the number of claims filed in a year. Commonly it is used as “The claim settlement ratio of ABC insurance company is 93%”.

Claim Amount

The claim amount in insurance refers to the money that an insurance company pays to the policyholder or beneficiary when a valid claim is made. This amount is determined based on the terms and conditions of the insurance policy.

Commission

The commission is the incentive that the insurance agents or the sales representative receive after selling the insurance policy, be it life or non-life.

Concealment in Insurance

In the context of insurance, 'concealment' refers to the act of intentionally hiding or withholding material information from the insurance company during the application process. This could be related to the insured's health condition, lifestyle habits, profession, or any other information that could influence the terms and the cost of the policy.

Conditional Assignment

Conditional assignment refers to transferring rights of the life insurance policy by the life insurance owner to someone else under some terms and conditions.

Coverage

The amount of risk, liabilities and the extent of loss covered by an insurance policy is coverage.

Critical Illness

Critical illness is a life-threatening condition in the human body. The disease leaves the individual weak and with reduced efficiency.

Critical Illness Definition

Critical Illness Insurance is a limited type of health insurance that pays a lump sum amount if the life insured is diagnosed with any critical illness.

Critical Illness Rider

A critical illness rider is an add-on or supplementary feature that can be attached to a life insurance policy in India. This rider provides coverage for specified critical illnesses or medical conditions, offering a lump-sum payment to the policyholder if they are diagnosed with a covered illness during the term of the rider. The payout from the critical illness rider is separate from the regular death benefit provided by the base life insurance policy.

Claim Documents

Claim documents are the essential documents that the insured needs to submit to the insurance company for processing the claim further. This document includes the details that help the insurance analyse the loss and take the decision to settle the claim.

Convertible Life Insurance

Convertible life insurance is a policy that allows the insured to change the term policy into a whole or universal policy. The process can be completed without going through the health qualification process again.

Contestability Period

Contestability Period is a predefined time period during which the insurance company can investigate and deny claims. Know more about contestability period in detail.

Coinsurance

Coinsurance refers to a percentage of the total claim amount that the policyholder agrees to pay, with the insurance company covering the remaining portion. It is a vital term to understand when discussing insurance policies, as it pertains to the sharing of financial responsibility between the policyholder and the insurance company. This concept is prevalent across various types of insurance, including health, home, and business insurance, in India and other countries.

Coordination of Benefits (COB)

Coordination of Benefits (COB) is a process that enables policyholders with multiple insurance policies to coordinate their benefits and prevent overpayment or duplication of benefits. This concept is relevant for Indian readers, as many individuals may have health insurance coverage through multiple sources, such as employer-sponsored group policies, government-sponsored schemes, or personal policies.

Cash Value

Cash value, also known as surrender value or policy value, refers to the accumulated savings component of certain insurance policies. It represents the portion of premiums paid by the policyholder that accumulates over time, earning interest or investment returns. Unlike the death benefit, which is the primary coverage amount, cash value serves as an additional asset within the policy.

Cash Surrender Value

The cash surrender option, also known as the surrender value or cash value, is a feature in a life insurance policy that allows the policyholder to terminate the policy and receive a lump sum payment of the accumulated cash value. This option provides policyholders with an alternative to continuing the policy until the insured person's death or the policy's maturity.

Copayment