Provides a uniform system of controlling all forms of credit supplied to individuals (including sole traders and partners). Controls lending through licensing and also controls individual credit agreements. Policy loans, ‘topping up loans’ and house purchase loans are within the Act.
Insurance Encyclopedia
Consumer health alliances
Regional, private, nonprofit components of managed care systems that purchase health care benefit packages for small employers and individuals. They act as cooperatives between government and the public so that health plans in a region conform to federal benefits and quality standards and keep costs within a mandated budget. They enroll individuals, collect premiums, purchase enrollee’s insurance from participating health plans, and enforce rules that manage health plan competition. Also referred to as alliances, health insurance purchasing cooperatives (HIPCs), health insurance purchasing corporations, health alliances, regional health alliances, health plan purchasing cooperatives (HPPC), or purchasing group.
Consumer legal expenses cover
Often an extension in household policies covers the insured and his family in respect of legal expenses involved in taking or defending legal action in a range of civil disputes (personal injury/personal goods; consumer protection; residential; employment; tax) up to £50,000. Defending certain criminal proceedings, e.g. motoring offences, may also be covered. Motoring prosecutions are also covered under motor legal expenses policies.
consumer price index (CPI)
Economic barometer used by the Department of Labor Statistics to measure the average change in prices over time in a fixed group of goods and services. In this report, all references to the CPI relate to the CPI for urban wage earners and clerical workers (CPI-W).
Consumer Protection Act
See: “Acts, Consumer Protection Act.”
Consumer Protection Act 1987
Part I imposes strict liability on producers (manufacturers, raw material suppliers, importers being first importers into the EC, ‘own branders’ and ‘forgetful suppliers’, e.g. a retailer who fails to supply the identity of the producer) for defective goods that cause personal injury and damage to private property over £275. Section 4 sets out six defences to strict liability, notably the ‘state of the art’ defence. Part II has been largely superseded by the General Product Safety Regulations 1994 under which safety is assessed by factors such as relevant British or European standards. A breach is a criminal offence; product liability insurance covers prosecution defence costs.
Consumer report
Communication of information that pertains to a consumer’s credit standing, credit capacity, general reputation, or personal characteristics.
Consumer reporting agency
Organization that prepares consumer reports and provides them either for profit or on a nonprofit basis to other persons or organizations. Also called a credit reporting agency.
Consumer sale
A sale when the person buying ‘deals as a consumer’ with a business. Exclusion clauses of the implied terms of fitness for purpose and satisfactory quality are not permitted (Unfair Contract Terms Act 1977). The Unfair Contract Terms Act 1977, s.12: a person deals as a consumer if (a) he neither makes the contract in the course of business nor holds himself out as doing so; and (b) the other party makes the contract in the course of business; and (c) the goods are of a type ordinarily supplied for private use or consumption.
Consumer self-report data
Information collected through survey or focus groups. Surveys may include Medicaid beneficiaries currently or previously enrolled in a managed care organization (MCO) or prepaid health plan (PHP). The survey may be conducted by the state or a contractor to the state.