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Certificate of Convenience

A term used in some countries to refer to a temporary license or perming empowering a person to act as an agent even through not fully licensed according to the law. Usually this certificate is granted to an agent who is studying for a licensing examination. It might also be issued to the administrator or executor of the estate of an insurance agent who must have the authority of an agent to settle the estate, or to someone acting for an agent during a disability or an absence such as military duty.

Certificate of coverage (COC)

Document given to an insured by the insurance company or any employer that offers a health plan. It describes the benefits in detail under the policy issued. It is required by state law. Also called evidence of coverage (EOC), benefit plan, insurance policy, subscriber agreement, subscriber certificate, and subscriber contract.

Certificate of indebtedness

1. Document issued by an insurance company and given to the beneficiary of a life insurance policy that states a guaranteed minimum interest rate and the frequency of interest payments. 2. Short-term certification, 12 months or less, of a specific portion of debt due by the federal government to individual holders, bearing a fixed rate of interest.

Certificate Of Insurance

A certificate of insurance is evidence that a person or business has certain types of insurance. In order to be valid, the certificate must be countersigned by the agent-of-record. Certificates indicate the broad general types of coverage the insured has along with the limits of coverage but anyone requesting a certificate of insurance needs to inquire further about any possible limitations of coverage. An advantage of a certificate of insurance over just a copy of the policy is that certificate holders receive copies of any notices of cancellation that are sent to the insured.As an example, suppose ABC Cleaners rents space in a strip shopping center and is required by the landlord to carry $100,000 of Commercial General Liability coverage. In order to prove to the landlord that the insurance is in force at the requested limits, ABC Cleaners’ agent would issue a certificate of insurance. (See Agent of Record; Countersignature).
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UK: a document certifying that an insurance contract exists (usually met where there is a legal obligation to insure, for example, motor insurance which complies with the terms of the Road Traffic Act).
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US: A document providing evidence that certain general types of insurance coverages and limits have been purchased by the party required to furnish the certificate.
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US: A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the member.
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Depending on the context this term may refer to: (a) A document which evidences the existence of insurance cover but which does not detail all its terms which are contained in a separate policy of insurance. Certain certificates are required as a matter of law in the United Kingdom, for example for motor insurance. (b) A document that is issued by a coverholder which evidences the existence of insurance cover and details the terms of such cover. No policy of insurance is issued where such a certificate is issued.
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MEDICAL,USA: Document (statement or booklet) issued by an insurance company and given to a group or beneficiary of an insurance policy to verify that a group, individual (e.g., physician), or an institution is insured for an amount of coverage for a certain type of risk during a specific time period.
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UK: Document evidencing the existence of insurance. Certificates are legally required in the following classes: employers’ liability insurance; motor insurance (Road Traffic Act cover); oil carrying vessels (pollution liability cover). See also MARINE INSURANCE CERTIFICATE.
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Proof of purchase of various compulsory Insurances.A document evidencing the fact that an Insurance Policy has been written and includes a statement of the coverage of the Policy in general terms. Certificate of Insurance thus is a documentary evidence that motor vehicle is insured against third party liability under the Motor Vehicles Act.Document which verifies that Policy has been written and states the nature of the coverage in general terms. Such a certificate is often used as proof of Insurance in loan transactions and for other legal requirements.Summary statement of the coverage and general provisions of a master contract in group Insurance for the information of individuals in the group.C.F.S./C.Y. (Pier to House) : The term CFS/CY means cargo delivered break bulk to Carrier’s CFS to be packed by Carrier into containers and accepted by consignee at Carriers’ CY and unpacked by the consignee off Carrier’s premises, all at consignee’s risk and expenses.

Certificate of Insurance, Motor, Automatic Transfer of

As per provisions of Sec. 157 of the New Act (1988) where a person in whose favor a certificate of Insurance has been issued, transfer to another person the ownership of the motor vehicle in respect of which the Insurance was taken, then the certificate of Insurance and the relative Policy in so far as the Compulsory Act Insurance portion is concerned shall be automatically deemed to be transferred in favor of the new owner from the date of transfer of ownership of the vehicle. However own damage Insurance portion is not automatically transferred.