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Combination clause

Provision in a disability income contract that defines when total disability will no longer be based on the insured’s inability to perform his or her occupation but on the insured’s inability to perform any occupation.

Combination code

1. A code from one section of the procedural code book combined with a code from another section that is used to completely describe a procedure performed. 2. In diagnostic coding, one code that is used to classify two related diagnoses.

Combination Crime Coverage Plan

Under the latest commercial lines program, two combination crime coverage plans are available. When written with separate limits option, any combination of a variety of coverage may be included at different limits and the insurance is similar to the earlier Comprehensive Dishonesty, Disappearance and Destruction (3-D) policy. When written with a single limit, major coverage are mandatory, optional coverage may be included, but one limit applies to all coverage purchased and the insurance is similar to the Blanket Crime Policy.

Combination plan

Retirement (pension) plan wherein part of the funding is allocated and part is unallocated. The allocated part of the employer’s contribution is used to purchase annuities or life insurance contracts with cash values. The unallocated part is put into a conversion fund.

Combination Plan Reinsurance

Elements of two types of reinsurance, Pro-Rata (Quota Share) and Excess of Loss, are combined in one reinsurance agreement. The excess of loss part of the plan protects the company up to a specified limit on each risk, each occurrence excess of a fixed net retained line. The pro-rata part of the plan protects the company’s net retained lines under the excess part (i.e. after deducting the excess of loss recoveries), on a fixed percentage quota share basis.

Combination Plans

A form of combined reinsurance which provides that in consideration of a premium, which is a fixed percentage of the ceding company’s subject premium on the business covered, the reinsurer will indemnify the ceding company for the amount of loss of each risk in excess of a specified retention and subject to a specified limit and after deducting the excess recoveries on each risk, the reinsurer will indemnify the ceding company against a fixed quote share percent of all remaining losses.