Definition and meaning of CRASH PARTS :

CRASH PARTS: Sheet metal parts that are most often damaged in a car crash. (See Generic auto parts)

(Source: Insurance Information Institute )

Also see these pages: CRASH PARTS , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT :

CREDIT: The promise to pay in the future in order to buy or borrow in the present. The right to defer payment of debt.

(Source: Insurance Information Institute )

Also see these pages: CREDIT , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CROP-HAIL INSURANCE :

CROP-HAIL INSURANCE: Protection against damage to growing crops from hail, fire or lightning provided by the private market. By contrast, multiple peril crop insurance covers a wider range of yield reducing conditions, such as drought and insect infestation, and is subsidized by the federal government.

(Source: Insurance Information Institute )

Also see these pages: CROP-HAIL INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CRITICAL ILLNESS, CI INSURANCE :

CRITICAL ILLNESS (CI) INSURANCE*: A type of individual health insurance that pays a lump-sum benefit when the insured is diagnosed with a specified illness. Also known as critical diagnosis insurance. Contrast with specified disease coverage.

(Source: Insurance Information Institute )

Also see these pages: CRITICAL ILLNESS, CI INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CURRENT ASSUMPTION WHOLE LIFE INSURANCE :

CURRENT ASSUMPTION WHOLE LIFE INSURANCE*: See Interest-sensitive insurance

(Source: Insurance Information Institute )

Also see these pages: CURRENT ASSUMPTION WHOLE LIFE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of DEATH BENEFIT :

DEATH BENEFIT*: (1) For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies. (2) For an annuity contract, the amount of money paid to a beneficiary if the contract owner dies before the annuity payments begin.

(Source: Insurance Information Institute )

Also see these pages: DEATH BENEFIT , Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of DECLARATION :

DECLARATION: Part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums and supplemental information. Referred to as the Òdec page.Ó

(Source: Insurance Information Institute )

Also see these pages: DECLARATION , Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of CRIME INSURANCE :

CRIME INSURANCE: Term referring to property coverages for the perils of burglary, theft and robbery.

(Source: Insurance Information Institute )

Also see these pages: CRIME INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT SCORE :

CREDIT SCORE: The number produced by an analysis of an individualÕs credit history. The use of credit information affects all consumers in many ways, including getting a job, finding a place to live, securing a loan, getting telephone service and buying insurance. Credit history is routinely reviewed by insurers before issuing a commercial policy because businesses in poor financial condition tend to cut back on safety, which can lead to more accidents and more claims. Auto and home insurers may use information in a credit history to produce an insurance score. Insurance scores may be used in underwriting and rating insurance policies. (See Insurance score)

(Source: Insurance Information Institute )

Also see these pages: CREDIT SCORE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT ENHANCEMENT :

CREDIT ENHANCEMENT: A technique to lower the interest payments on a bond by raising the issueÕs credit rating, often through insurance in the form of a financial guarantee or with standby letters of credit issued by a bank.

(Source: Insurance Information Institute )

Also see these pages: CREDIT ENHANCEMENT , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT DERIVATIVES :

CREDIT DERIVATIVES: A contract that enables a user, such as a bank, to better manage its credit risk. A way of transferring credit risk to another party.

(Source: Insurance Information Institute )

Also see these pages: CREDIT DERIVATIVES , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT INSURANCE :

CREDIT INSURANCE: Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. The coverage is geared to manufacturers, wholesalers and service providers who may be dependent on a few accounts and therefore could lose significant income in the event of an insolvency.

(Source: Insurance Information Institute )

Also see these pages: CREDIT INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of CREDIT LIFE INSURANCE :

CREDIT LIFE INSURANCE: Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with credit cards and auto loans.

(Source: Insurance Information Institute )

Also see these pages: CREDIT LIFE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of ECONOMIC LOSS :

ECONOMIC LOSS: Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

(Source: Insurance Information Institute )

Also see these pages: ECONOMIC LOSS , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of DECLINED RISK CLASS :

DECLINED RISK CLASS*: In insurance underwriting, the group of proposed insureds whose impairments or anticipated extra mortality are so great that an insurer cannot provide insurance coverage to them at an affordable cost. Also known as uninsurable class. Contrast with preferred risk class, standard risk class and substandard risk class.

(Source: Insurance Information Institute )

Also see these pages: DECLINED RISK CLASS , Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of ESCROW ACCOUNT :

ESCROW ACCOUNT: Funds that a lender collects to pay monthly premiums in mortgage and homeowners insurance, and sometimes to pay property taxes.

(Source: Insurance Information Institute )

Also see these pages: ESCROW ACCOUNT , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of FINITE RISK REINSURANCE :

FINITE RISK REINSURANCE: Contract under which the ultimate liability of the reinsurer is capped and on which anticipated investment income is expressly acknowledged as an underwriting component. Also known as financial reinsurance because this type of coverage is often bought to improve the balance sheet effects of statutory accounting principles.

(Source: Insurance Information Institute )

Also see these pages: FINITE RISK REINSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - F

Definition and meaning of FINANCIAL RESPONSIBILITY LAW :

FINANCIAL RESPONSIBILITY LAW: A state law requiring that all automobile drivers show proof that they can pay damages up to a minimum amount if involved in an auto accident. Varies from state to state but can be met by carrying a minimum amount of auto liability insurance. (See Compulsory auto insurance)

(Source: Insurance Information Institute )

Also see these pages: FINANCIAL RESPONSIBILITY LAW , Insurance, Insurance Sitemap, Insurance Dictionary - F

Definition and meaning of FIRE INSURANCE :

FIRE INSURANCE: Coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies.

(Source: Insurance Information Institute )

Also see these pages: FIRE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - F

Definition and meaning of FIRST-PARTY COVERAGE :

FIRST-PARTY COVERAGE: Coverage for the policyholderÕs own property or person. In no-fault auto insurance it pays for the cost of injuries. In no-fault states with the broadest coverage, the personal injury protection (PIP) part of the policy pays for medical care, lost income, funeral expenses and, where the injured person is not able to provide services such as child care, for substitute services. (See No-fault; Third-party coverage)

(Source: Insurance Information Institute )

Also see these pages: FIRST-PARTY COVERAGE , Insurance, Insurance Sitemap, Insurance Dictionary - F

Definition and meaning of FIXED ANNUITY :

FIXED ANNUITY: An annuity that guarantees a specific rate of return. In the case of a deferred annuity, a minimum rate of interest is guaranteed during the savings phase. During the payment phase, a fixed amount of income, paid on a regular schedule, is guaranteed.

(Source: Insurance Information Institute )

Also see these pages: FIXED ANNUITY , Insurance, Insurance Sitemap, Insurance Dictionary - F

Definition and meaning of FINANCIAL GUARANTEE INSURANCE :

FINANCIAL GUARANTEE INSURANCE: Covers losses from specific financial transactions and guarantees that investors in debt instruments, such as municipal bonds, receive timely payment of principal and interest if there is a default. Raises the credit rating of debt to which the guarantee is attached. Investment bankers who sell asset-backed securities, securities backed by loan portfolios, use this insurance to enhance marketability. (See Municipal bond insurance)

(Source: Insurance Information Institute )

Also see these pages: FINANCIAL GUARANTEE INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - F