See: UNREPAIRED DAMAGE.
Insurance Encyclopedia
Cumulative Probabilities
The sum of probabilities.
Cumulative Trauma
Any physical or psychological disability that results from the combined effects of repeated injuries or illnesses. Although each injury or illness may be minor at the time it occurs, the cumulative effect over time can lead to claims for physical or psychological disabilities.
Cure
In maritime law, medical expenses paid by a vessel owner or operator to crew members disabled by illness or injury suffered during a voyage.
Current Assumption Whole Life
Also known as “interest sensitive” whole life, current assumption offers flexible premium payments that are indexed to current interest rates. The insurance company sets a minimum and maximum premium and then increases or decreases the premium within that range depending upon interest rates. Thus, premiums are reduced during periods of high interest rates and increased during periods of low interest rates. The amount of life insurance remains unchanged.
Current assumption whole life insurance
Type of whole life insurance in which premium rates and cash values vary depending on the insurer’s assumptions about mortality, investment, and expense factors. A client can choose favorable changes in assumptions that result in a lower premium or a higher cash value for the policy. The premium will not increase above the rate guaranteed when the policy was purchased. Also called interest-sensitive whole life insurance.
Current Dental Terminology (CDT)
Medical code set maintained and copyrighted by the American Dental Association (ADA) for use by the dental profession in Health Insurance Portability and Accountability Act (HIPAA) transactions. More commonly referred to as CDT-2005.
Current disbursement
Payment of premiums and benefits as they become due. Also referred to as pay-as-you-go plan.
Current Liabilities
Short term debts and obligations that must be paid within a period of one year.
Current Liquidity (IRIS)
The sum of cash, unaffiliated invested assets and encumbrances on other properties to net liabilities plus ceded reinsurance balances payable, expressed as a percent. This ratio measures the proportion of liabilities covered by unencumbered cash and unaffiliated investments. If this ratio is less than 100, the Company Solvency is dependent on the collectability or marketability of premium balances and investments in affiliates. This ratio assumes the collectability of all amounts recoverable from reinsurers on paid and unpaid losses and unearned premiums.