1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Concealment

US: Deliberate failure of an applicant for insurance to reveal a material fact to the insurer.
***
Failure by the insured to reveal certain facts he knows that are not such common information that the Insurer should also know them. Except in ocean marine Insurance an Insurer must prove intent and materiality to deny a claim based on concealment. Concealment is material if the facts concealed would have caused the Insurer either not to write the Insurance or to write it under substantially different terms.
***
UK: The wilful failure to disclose a material fact before the insurance contract is concluded. It is a breach of utmost good faith rendering the contract void ab initio and entitling the insurer to sue for damages for deceit. If fraud is proved the insured is not entitled to a return of premium.

Concierge care

System of medical care in which physicians either have patients pay for whatever services are received or charge patients annual membership fees entitling them to certain services (e.g., annual physical, medical screenings for certain diseases or illnesses, preventive care). Patients are given paperwork to submit claims to their insurance companies. This system is usually for well-to-do clientele, which is why it sometimes is referred to as boutique medicine . Physicians prefer that it be called personalized, preventive care or fee-based medical care .

Conciliation

Informal meeting between the attorney for the workers’ compensation insurance company and the employee and/or the employee’s attorney. A conciliator is not an attorney and cannot grant the employee’s request for benefits. It is the conciliator’s job to determine if there is some way that the parties can reach an agreement and, if not, to assist in taking it to the next step to settle (resolve) the dispute.
***
UK: Employment dispute resolution method originating in the Employment Act 1975 that set up the Advisory, Conciliation and Arbitration Service (ACAS). Use of ACAS is voluntary but if used, and an agreement is secured, it becomes legally binding. If the conciliation officer feels that the process has failed, recourse may be made to arbitration. Conciliation is relevant to employment practices liability insurance or legal expenses insurance.

Concurrency

Condition which exists where two or more Insurance policies cover the same property in the same manner and subject to identical conditions. though, they may differ in amount or Policy dates. If an insured has a Policy covering the entire contents of a building and another Policy covering only a stock of merchandise in that building there is no concurrency because the property covered by the two policies is not identical.
***
Coordination of the coverage, terms, and conditions of a reinsurance agreement with those of a contract reinsured or between reinsurance agreements. Reinsurance agreements are said to be concurrent when there are no gaps or overlaps.
***
UK: Means that members of an occupational pension scheme may contribute concurrently, subject to conditions, up to £3,600 each year into a stakeholder or personal pension. The contribution limits for occupational schemes remain the same, i.e. 15 per cent of remuneration, but contributions to a stakeholder/personal pension are capped at £3,600 gross (£2,808 net) for 2001/2002.
***
When two policies provide the same coverage for the same risk.