Definitions

Bars the introduction of information that indicates a person has been compensated or reimbursed by a source other than the defendant in civil actions related to negligence or other liability.

Property that is offered to secure a loan or other Credit and that becomes subject to seizure on default. Also called security.

In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss. For health insurance, it is a percentage of each claim above the deductible paid by the policyholder. For a 20 percent health insurance coinsurance Clause, the policyholder pays for the deductible … Read more

Short for Consolidated Omnibus Budget Reconciliation Act. A federal law under which group health plans sponsored by employers with 20 or more employees must offer continuation of coverage to employees who leave their jobs and their dependents. The employee must pay the entire premium. Coverage can be extended up to 18 months. Surviving dependents can … Read more

The practice of transferring premium and loss portfolios from one year to another. See Premium Portfolio and Loss Portfolio.

Reinsurance covering a Ceding Company‘s exposure to a larger single loss than intended in the same loss occurrence. A clash cover absorbs the Ceding Company’s loss due to unknown accumulations which exceed the Ceding Company’s retention. Sometimes referred to as Unknown Accumulation Cover.

CICOP is the present value of claims that are known and ready for payment.

ICOS is the estimated benefits for claims in some form of settlement process, e.g., litigation, disability settlement, or other benefit determination.

A form of insurance that pays claims presented to the insurer during the term of the policy or within a specific term after its expiration. It limits liability insurers’ exposure to unknown future liabilities. See Occurrence policy

Any form of insurance under which the trigger of coverage is the presentation (or “making”) of a claim against the insured rather than the date on which the loss occurred. A claims-made policy can provide for varying limitations as to the length of time prior to the policy period during which the loss event could … Read more