Refers to the investment of two or more pension schemes being managed by a single employer or a group of associated employers. It does not create a pooled fund.
Insurance Encyclopedia
Common Law
The law that has been founded upon immemorial usage, established custom and legal precedents as distinct from statute law. Broadening down from precedent to precedent has developed the common law.
***
Common Law comprises the body of principles and rules of action, relating to the government and security of persons and property, which derive their authority solely from usage and customs of immemorial antiquity, or from the judgments and decrees of the courts. It is outside the laws created by enactment of Statutes.
Common Law Defenses
The defenses that are available to defeat liability action by employees against an employer in negligence cases; three commonly recognized common law defenses are contributory negligence, assumed risk, and fellow servant.
Common Law Liability
Responsibility based on common law for injury or damage to another’s person or property which rests on an individual because of his actions or negligence. This is opposed to liability based on statutory law.
Common ownership
Under the Health Insurance Portability and Accountability Act (HIPAA) Subpart E, this relationship exists if an entity or entities possess an ownership or equity interest of 5% or more in another entity.
Common pleas
See: small claims court.
Common policy conditions
The part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy. The commercial lines policy forms portfolio promulgated by Insurance Services Office, Inc. (ISO), takes a modular approach to structuring policies. A commercial lines policy is made up of a declarations page, the common policy conditions, one or more coverage forms, and endorsements that modify the coverage forms. The common policy conditions form (IL 00 17) is used with the commercial property, general liability, and crime forms to specify the conditions applicable to the policy.
***
Common conditions under insurance policies which apply to all coverage parts on common basis.
Common Policy Declarations
A common declaration page which is part of every commercial policy. It shows the information applicable to the entire policy (policy number, insurer, insured, total premium, terms, conditions, warranties and exclusions attached etc.). Each individual coverage part may also have its own declarations page.
Common stock
Securities such as stocks and bonds that represent an ownership interest in a corporation. Holders of common stock may elect directors and collect dividends. Common stocks are subordinate to bondholder claims, preferred stockholders, and general creditors.
***
A security which provides an ownership or equity position in a company. Shareholders may receive dividends if declared by the board of directors.
Common trust funds
Feature: (a) pooling of all assets in a central fund, (b) payment of benefits from the central funds, and (c) trustees having wide powers of investment. The scheme may be insured so the funds are held centrally in insurance policies only. Alternatively, the fund is self-administered as in the case of small self-administered schemes where the funds are held centrally in investments such as commercial property, shares and cash deposits. Large schemes, i.e. those with 12 or more members, can also be self-administered.