A bill of lading endorsed to note some defect in the products or packaging of the goods to be shipped.
Insurance Encyclopedia
Clauses descriptive of the risk
See: Description Of Risk ClauseS.
Clawback
1. A practice whereby a pension scheme will offset an amount equivalent to the state pension against a target pension so as to arrive at the amou payable by the scheme. 2. Commission paid to an intermediary for introducing business may be ‘clawed back’ if the policy does not stay in force for a specific period of time. 3. See DELAYED TURNOVER.
CLCS –
A designation – Commercial Lines Coverage Specialist- conferred upon successful completion of five classes designed by the National Underwriter Company.
Clean bill
Type of hospital invoice (patient’s financial accounting statement) assessed by someone auditing a hospital bill that has no errors. Also see under bill and over bill.
Clean claim
Completed insurance claim form submitted within the program time limit that contains all the necessary information without deficiencies so that it can be processed and paid promptly; a claim that passes all electronic claim edits and claim audits; or a claim that is subject to medical review but is submitted with complete data attached or forwarded simultaneously with electronic media claim records.
Clean cut basis
The method of transferring premium portfolios and loss portfolio from one year to another in a manner that simplifies the preparation reinsurance treaty accounts when a treaty is cancelled or transferred. See LOSS PORTFOLIO TRANSFER.
Clean Draft
A draft to which no documents have been attached.
Clean-up costs
Financial loss due to pollution. Costs may include: cleaning up land, water courses, buildings, machinery, etc., and generally removing the effects of pollution. The insured may cover his liability for third party cleanup costs incurred by a third party and for the cost of cleaning up his own property under a first party policy. It is possible to extend existing liability policies but one approach is to arrange a separate environmental impairment policy that also covers cleaning up one’s own site.
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Generally, those costs associated with the clean-up of pollution.
Clean-up fund
Lump-sum type of life insurance death benefit to assist in paying the insured’s outstanding debts, funeral expenses, and related expenses—in other words, “cash” to clean up expenses.