Document issued to a beneficiary of a life insurance policy that states the amount of life insurance proceeds in a retained asset account, the account number, and the interest rate.
Insurance Encyclopedia
Confirmed Letter of Credit
A letter of credit, issued by a foreign bank with validity confirmed by a US bank. An exporter who requires a confirmed letter of credit from the buyer is assured of payments by the US bank even if the foreign buyer or the foreign bank defaults.
Confiscation
The taking and holding of private property by a government or an agency acting for a government. Compensation may or may not be given to the owner of the property.
Confiscation Insurance
The confiscation risk for overseas plant and equipment may be covered by insurance. For marine insurances distinction is drawn between confiscation resulting from war, which is part of war risks insurance, and any other confiscation, e.g., in respect of cargo. Both types of confiscation risk may be covered under a marine insurance.
Conflagration
A highly destructive Fire. A Fire extending beyond a single risk and over a wide area. Sometimes defined in terms of amount of loss.
Conflagration Area
An area over which a destructive fire is thought to be capable of spreading, or has already spread.
Conflict of interest
Incompatibility between one’s private interests and one’s business duties such as a relative of an incompetent patient who has wishes that are not in the patient’s best interests or when a physician is contracted with a managed care plan in which he or she makes more profit if less medical care is given to patients.
Confusion of Goods
Peril, frequently covered in liability policies written for Bailee dealing in others personal property (such as clothing or jewellery) which results in loss of one’s property because it becomes confused with other’s similar property and cannot be readily located.
Congenital
Anomaly or defect present since the time of birth.
Conglomerate
A group of corporations engaged in widely varied activities. In the insurance industry a conglomerate refers to a group of companies with noninsurance interest that purchases an insurance company.