An outstanding claim or encumbrance which, if valid, would affect or impair the owner’s title; a mortgage or judgment.
Insurance Encyclopedia
CLU
A designation – Chartered Life Underwriter – conferred upon successful completers of a series of studies of life insurance and related disciplines designed by the American College.
Club
Protection and Indemnity association operated on behalf of ship-owners to provide cover for risks not normally covered by hull underwriters.
Club Calls
The contributions that ship owner members of a Protection and Indemnity Club are called on periodically to make to meet the claims paid and expenses incurred by the club.
Clubs
See: MEMBERS’ CLUBS.
Cluster policies
a group of identical life policies aimed primarily at investment and designed to facilitate flexibility in making partial surrenders; sometimes referred to as an investment bond.
Cluster policy
A life policy consisting of a number of equally valued smaller policies. Each policy in the cluster is treated separately for tax and administrative purposes. The holder can transfer each individual policy separately into a personal pension scheme to secure pension benefits and take them at different times to phase in retirement. The holder is able to retain the maximum tax-free investment and secure a lump sum return on death. Clustering can also be applied to investment bonds or endowments enabling the holder to take benefits as required over a period.
Clustering
Situation in which a provider bills for midlevel services for various patient encounters under the assumption that some visits will be a little higher and some will be a little lower (upcoding some services and downcoding other services).