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
C. Ca Cb Cc Cd Ce Cf Cg Ch Ci Cl Cm Co Cp Cr Cs Cu Cy

Convention blank

A financial statement required in every state. This statement is filed each year in the insurance company’s home state as well as any other state where the insurer possesses a license.
***
MEDICAL,USA: Annual statement form that all insurance companies complete and submit annually to their state’s insurance regulators.
***
Report form developed by the National Association of Insurance Commissioners (NAIC) and required by most states for reporting annual financial results of an insurance company. Owners of captive insurance companies usually consider completing these reports an onerous burden.
***
REINSURANCE,REFERENCE: See: Annual Statement, Statutory Annual Statement.

Convention statement

The annual report format developed by the National Association of Insurance Commissioners (NAIC) and adopted by member states as the standard for all commercial insurers. Convention statements are filed by an insurer in its domicile and copied to the NAIC for Insurance Regulatory Information System (IRIS) ratios and risk-based capital calculations to be published.

Conventions

1. Rules or principles for determining a diagnostic code when using diagnostic code books such as each space, typefaces, indentations, punctuation marks, instructional notes, abbreviations, cross-reference notes, and specific usage of the words and, with, and due to. These rules assist in the selection of correct codes for the diagnoses encountered. Also called coding conventions. 2. Space-saving rule used in the “Index,” which is the last section of the annually published Current Procedural Terminology code book. For example:KneeIncision (of)In this example, the word in parentheses (of) does not appear in the Index, but it is inferred. As another example:PancreasAnesthesia (for procedures on)In this example, because there is no such entity as pancreas anesthesia, the words in parentheses are inferred (i.e., anesthesia for procedures on the pancreas).

Convergence

The combining of traditional (re)insurance and the capital markets. Banks and insurers transfer risks to each other by securitisation and insuritisation. They have borrowed from each other as part of the broader process of convergence, a visible sign of which is bancassurance.

Conversion

UK: 1. Tort committed by a person who keeps property belonging to another or who disposes of it wrongfully, e.g. selling another person’s car without authority. Conversion may occur deliberately or innocently. The Torts (Interference with Goods) Act 1977 extends conversion to include negligent loss of another’s property by a bailee. Insurance is available for motor traders who unwittingly sell stolen vehicles and solicitors (and others) who misdeliver documents (professional indemnity insurance). 2. In life insurance convertible term policies can be converted to either whole life or endowment policies without further evidence as to health. Whole life policies can be converted into endowment policies. Also, existing policies having a surrender value can be converted to paid-up policies for reduced sums with no further premiums payable.
***
It is the wrongful disposition and detention of personal property belonging to another. Conversion usually results from the failure of a person who had legal possession of personal property to return it as agreed.
***
MEDICAL,USA,REFERENCE: See: conversion plan and conversion privilege.