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critical care unit (CCU)

Area or section within a hospital facility with special equipment designed for treatment of patients with sudden, life-threatening conditions such as intensive care unit (ICU), medical intensive care unit (MICU), surgical intensive care unit (SICU), pediatric intensive care unit (PICU), neonatal intensive care unit (NICU), coronary care unit (CCU), and the burn unit.

Critical day options

Trigger events or reference points underlying a weather derivative where the payout depends on the critical conditions occurring on any day in the contract period. A critical day may be each day the temperature exceeds 25°C. The amount paid is based on the number of critical days occurring during the period multiplied by the tick.

Critical illness policy

Pays out a tax-free lump sum if, during the policy term, the insured is diagnosed with any of a range of serious conditions such as cancer, heart disease, strokes and multiple sclerosis. Even when diagnosed, the insured may live for some time so necessitating the need for financial protection while undergoing treatment and recuperation. The policy can stand alone or be added to a whole life, endowment or term insurance.

Critical Illness/Dreaded Diseases Policies for Health Insurance

Policy provides a lump sum amount to the insured on the diagnosis of a specific critical illness or on undergoing of certain procedures. It does not cover the actual cost of treatment but pays only the lump sum amount agreed irrespective of whether that amount had been incurred or not. Policy is available as a stand-alone product or as riders to life and non-life policies or as a component of a packaged health insurance product. They provide for high sum insured limits ranging up to several million rupees of lump sum payouts. Some of these policies have a disease specific variant, for example, the Cancer Insurance Policy provides protection only in the case of Cancer and not for other critical illnesses. These policies are priced attractively for a high amount of coverage and are on indemnity basis and not as a lump sum payout. Some of the critical illness indemnity products reimburse certain costs due to critical illnesses rather than providing a lump sum payout and are therefore priced lower than other such products.

Criticial yield

Yield is the interest earned on a bond, or dividend paid on shares or a fund. In the pensions industry the term critical yield refers to the investment returns needed to provide pension income for executive pension plans, final salary scheme pensions, small selfadministered schemes, income drawdown and transfer value analysis system.