Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
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Showing 24 of 92 matching terms
Terms beginning with C
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Claim adjustment reason code
Health insurance - A standardized code explaining why a medical claim payment differs from the amount billed.
- Also called: CARC
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Claim appeal
Health insurance - A request for a health plan to reconsider a denied or reduced claim or coverage decision.
- Also called: health insurance appeal
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Claim denial
Claims - An insurer’s decision that all or part of a claim is not payable under the policy and available information.
- Also called: denied claim
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Claim diary
Claims - A claims file system used to schedule follow-up actions, deadlines, and communications during claim handling.
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Claim file
Claims - The records and documentation an insurer maintains for a reported claim and its investigation.
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Claim number
Claims - The identifier an insurer assigns to a reported loss so the claim can be tracked and referenced.
- Also called: claim ID
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Claims-made policy
Business insurance - A liability policy designed around claims first made during the policy period, subject to its terms.
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Claims-made retroactive date
Business insurance - The earliest date from which an act, error, or omission must occur to be covered by a claims-made policy.
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Claim severity
Claims - The average size or cost of claims over a defined period or group of claims.
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Claims leakage
Claims - Unnecessary claim cost caused by process errors, missed recovery opportunities, overpayment, or ineffective handling.
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Claims trigger
General insurance - The event a liability policy requires before coverage may respond, such as an occurrence or a claim first made.
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Classic car insurance
Auto insurance - Specialized auto insurance for qualifying collector vehicles, often using an agreed value and restrictions on vehicle use.
- Also called: collector car insurance
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Clinical trial coverage
Health insurance - Coverage for qualifying routine patient costs associated with an approved clinical trial, subject to applicable rules.
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Closed without payment
Claims - A claim status indicating that the insurer closed the file without issuing a claim payment.
- Also called: CWOP
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COBRA continuation coverage
Health insurance - Temporary continuation of eligible employer-sponsored health coverage after certain events, usually with the individual paying the required premium.
- Also called: COBRA insurance
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COBRA qualifying event
Health insurance - An event, such as a job loss or reduced work hours, that may make a person eligible to continue employer health coverage under COBRA.
- Also called: qualifying event
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Coinsurance
Health insurance - The share of a covered health care cost that a member may pay after the deductible under a plan’s rules.
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Coinsurance penalty
General insurance - A reduction in a property loss payment when the insured did not carry the amount of insurance required by a coinsurance clause.
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Collateral assignment
Life insurance - An assignment giving a lender rights in a life insurance policy as security for a debt.
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Collision coverage
Auto insurance - Optional auto coverage that may pay to repair or replace the insured vehicle after a collision, subject to the policy.
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Collision deductible
Auto insurance - The amount a policyholder may pay before collision coverage pays for a covered vehicle loss.
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Collision deductible waiver
Auto insurance - A feature that may waive a collision deductible after a qualifying accident, often involving an uninsured driver.
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Combined ratio
General insurance - An insurer performance measure combining loss and expense ratios; a ratio above 100 percent indicates an underwriting loss before investment income.
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Commercial auto insurance
Business insurance - Insurance for vehicles owned, leased, or used by a business, subject to the vehicles and drivers listed or otherwise covered.
- Also called: business auto insurance