CANCELABLE - The insured or the insurance company can cancel or terminate the insurance contract at any time.

CANCELLATION - The termination of an insurance policy before its expiration by either the insured or the company.

CARRIER - This is the insurance company that "carries" the insurance.

CASUALTY INSURANCE - This insurance's main concern is with losses caused by injury and legal liability upon the insured for the damage to property of others. It also includes forms such as robbery and forgery.

CATASTROPHE HAZARD - The risk of loss by reason of simultaneous occurrence of a peril to which all insured in a group or large number are subject.

CAUSES OF LOSS - This term replaces the word "perils" in the most recent commercial
property forms.

CAUSES OF LOSS FORM - These forms state the perils insured against, additional coverages, and exclusions.  The four forms are - Basic, Broad, Special and Earthquake.

CERTIFICATE - A written or printed statement that evidences a policy has been written.  It also tells the coverages in general.

CLAIM - A demand made by a third party for damages as the result of some action by an insured, or by an insured for loss covered by his own policy.

CLASS RATE - A price for risks of similar hazard, usually applied to dwellings.

CLAUSE - A term which is used to identify a particular part of a policy or endorsement.

COINSURANCE - In property insurance, it is  a clause that states the insured shares in losses to such a degree that at the time of a loss, he is underinsured.  In health insurance,  it is a provision stating that both the insured and the insurance company will share the payment for the loss. In health insurance it is also called "percentage participation".

COMMISSIONER - See "Insurance Commissioner".

COMMON CARRIER - An individual or organization who acts as a means of transportation carrying people or  property from one destination to another for payment.

COMMON LAW - The entire boy of the original case law of England as distinguished from the laws of the church (Canon) or other civil law (Roman).  The common law is the basis for the entire legal system for the majority of the United States.  It was brought from England and still remains the law where individuals states have not passed laws changing the common law.

COMPREHENSIVE GLASS INSURANCE POLICY - This is a policy that covers glass breakage from almost any peril.

COMPREHENSIVE PERSONAL LIABILITY POLICY (CPL) - This is a personal liability contract. It covers the needs of an individual or a family in the various activities.  For example, residential property, pets, sports activities, and other daily activities.

COMPULSORY INSURANCE - Any form of insurance that is required by law.

CONCEALMENT - Willing holding back facts or other information by someone applying for insurance that affects an insurance risk or loss.

CONCURRENT CAUSATION - This refers to two or more perils at the same time to cause a loss.

CONCURRENT INSURANCE - This is having two or more insurance policies with the same conditions and cover the same interests. This also includes, two bonds, which do not necessarily have the same provisions.

CONDOMINIUM ASSOCIATION COVERAGE FORM - A form used to cover the joint insurance needs of those who belong to the condominium association in which they collectively own commercial property.

CONDOMINIUM UNIT OWNERS COVERAGE FORM - This is a form used to cover those commercial condominium unit-owners.

CONSEQUENTIAL LOSS - This is a loss from an insured peril, indirectly.

CONSTRUCTIVE TOTAL LOSS - A partial loss but to such a degree that the cost to repair it would exceed the worth of the property.

CONSORTIUM - Fellowship - partnership - union; especially marital association. Used chiefly in the phrase "loss of consortium" in an action for damages for injury to wife, and recently, a husband, wherein the mate contends that he or she has been deprived of the services of his or her mate through another's negligence. (See also "Loss of Services")

CONTINGENT BENEFICIARY - Person or agent named to receive benefits under the policy if the primary insured is not available to reserve said benefit.

CONTINGENT BUSINESS INTERRUPTION INSURANCE - This protects the businessman who looses business because of the loss of the business that he either, (1) obtains necessary supplies, or (2) to which he sells his product to.

CONTRACT INSURANCE - A contract where an insurance company agrees to make compensation to an insured for losses, provide other benefits, or render services to, or on behalf of an insured. It is also called an "insurance policy".

CONTRIBUTION CLAUSE - This is very similar to the Coinsurance Clause except that the Contribution Clause is identified mostly with Business Interruption forms.

CONVERSION - (1) Wrongful use of property. (2) Changing from one policy form to another.

COVER - (1) This is a contract of insurance.  (2) To effect insurance. (3) And to include within the coverage of a contract of insurance.

COVERAGE PART - Any of the individual parts that are on the commercial policy.  It is also called a monoline policy or may be part of a package policy.

COURT - A body established for the public administration of justice.  It may be headed by one or more judges.

COURT REPORTER - This is the term given to expert stenographers, either male or female, who will, in some cases, travel with an insurance investigator and take down in shorthand discussions and examinations by the investigator as he or she obtains information from the insured, from witnesses, from experts, from police officers and so forth. The court reporter is, in effect, a disinterested witness who can testify in courts as to what was said and also provide the insurance company or its attorney with an invaluable record of the investigation.

CREDIT INSURANCE - This insurance will pay off the loan or the balance due in the case the insured dies or becomes disabled.