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.
Find an insurance term
Showing 20 of 92 matching terms
Terms beginning with C
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Contractors equipment floater
Business insurance - Inland marine coverage for a contractor’s mobile tools, machinery, and equipment, subject to its terms.
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Contractual liability
Business insurance - Liability a business assumes in a contract, which may be covered only to the extent provided by the policy.
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Contractual liability exclusion
General insurance - A provision limiting coverage for liability the insured assumed under a contract, subject to stated exceptions.
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Conversion privilege
Life insurance - A provision that may allow eligible term life coverage to be converted to permanent coverage without new medical underwriting.
- Also called: term conversion
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Convertible term life insurance
Life insurance - Term life insurance that can be converted to an eligible permanent policy during a stated period without new evidence of insurability.
- Also called: convertible term policy
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Coordination of benefits
Health insurance - Rules that determine the payment order when a person is covered by more than one health plan.
- Also called: COB
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Copayment
Health insurance - A fixed amount a member may pay for a covered health care service under a plan’s rules.
- Also called: copay
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Cost-sharing reduction
Health insurance - A program that lowers deductibles, copayments, and coinsurance for eligible Marketplace enrollees who choose a qualifying plan.
- Also called: CSR
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Cost basis
Life insurance - The policyowner’s investment in a life policy or annuity, generally used in determining taxable distributions.
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Cost sharing
Health insurance - The portion of covered health care costs paid by a member through deductibles, copayments, or coinsurance.
- Also called: member cost sharing
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Counteroffer
General insurance - An insurer offer to issue coverage on terms different from those requested in the application.
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Coverage determination
Claims - An insurer’s decision about whether a reported loss is covered under the policy terms.
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Coverage gap
Health insurance - A stage in Medicare prescription drug coverage in which cost-sharing rules may change after certain spending thresholds are reached.
- Also called: Medicare donut hole
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Coverage territory
General insurance - The geographic area where a policy says its coverage applies.
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Credentialing
Health insurance - A health plan’s verification of a provider’s qualifications, licenses, training, and professional history.
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Credit life insurance
Life insurance - Life insurance designed to help repay a covered borrower’s outstanding debt if the borrower dies.
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Custom parts and equipment coverage
Auto insurance - Optional coverage for qualifying aftermarket equipment or modifications beyond the amount included in standard auto coverage.
- Also called: CPE coverage
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Cyber business interruption
Business insurance - Coverage that may address qualifying lost income and extra expense from a covered network interruption.
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Cyber extortion coverage
Business insurance - Coverage that may help with qualifying costs from a cyber extortion threat, such as ransomware, subject to policy terms.
- Also called: ransomware coverage
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Cyber liability insurance
Business insurance - Coverage that may help a business respond to covered data breaches, cyberattacks, privacy claims, and recovery costs.
- Also called: cyber insurance