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Calendar year

Earned premiums and loss transactions occurring with the calendar year beginning Jan. 1, irrespective of the contractual dates of the policies to which the transactions relate and regardless of the dates of the accidents.

Calendar/accident year

The accumulation of loss data on all accidents with the date of occurrence falling within a given calendar year. The earned premium is the same as in calendar year.


The company providing the insurance is called the carrier.


Any great upheaval that causes sudden and violent changes, as an earthquake, war, great flood, etc.

Catastrophic loss

Damage resulting from a catastrophe.

Catastrophic risk

The risk of a large loss by reason of the occurrence of a peril to which a very large number of insured are subject.

Certificate holder

A person or company to whom an insured is liable, who holds the Certificate of Insurance on the insured as proof of the in-force policy.

Certificate of insurance

A document which serves as proof of the types of coverage, amounts of coverage and policy effective dates of an insurance policy. Certificates are held by the insured or, in some cases, by a company or person to whom the insured is potentially liable.

Certificate of satisfaction

A form signed by the insured when the insured takes delivery of a car from the repair shop indicating satisfaction with the repairs.


A claim is a request submitted by a policyholder to the insurer that the insurer pay for a loss that may be covered within that policy.

Claims-made coverage

A policy providing coverage only if a claim is made during the policy period. If the policy has a retroactive date a loss which occurred before that date, is not covered. (See Occurrence Coverage for comparison.)

Coinsurance/coinsurance clause

A policy provision by which the insured, in consideration of a reduced rate, agrees to carry an amount of insurance equal to a percentage of the total value of the property insured.

Commercial crime coverage

This covers money and securities, stock and fixtures against theft, burglary and robbery both on and off the insured premises and from both employees and outsiders.

Commercial lines

Insurance coverages for businesses, commercial institutions, and professional organizations.

Concentration factor

All companies are subject to an asset concentration factor that reflects the additional risk of high concentrations in single exposures

Consumer price index

An index of consumer prices based on the typical market basket of goods and services consumed by all urban consumers during a base period.

Corrective order

An order issued by the commissioner specifying corrective actions that the commissioner has determined are required.


Coverage refers to the specific benefits purchased under an insurance policy. Coverage protects from financial loss triggered by the occurrence of certain events. It is the type of event (e.g. fire, theft, injury) and the object of the protection (e.g. a building, a car, money or other assets) that make up the definition of a particular coverage. An insurance policy can consist of a group of coverages or just one coverage along with other terms and conditions.

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