A single rate for which the insured is covered against a variety of perils. This is done to make it easier to calculate the premiums.
Insurance Encyclopedia
Composite Rating
To rate large complex risks and where detailed inspect ion and audit is carried out. Instead of rating different coverage using different exposure basis, all applicable coverage are rated using one, composite exposure base. The composite rate is used to determine the deposit premium based on the estimated composite exposure base and the final premium is based on the inspected/audited composite exposure base.
Composition Roof
A roof of either asbestos or asphalt shingles. The term is most frequently used in connection with construction factors used in determining the rate for Property insurance.
Compound reversionary bonus
A life insurance bonus payable at the same time and in the same circumstances as the sum insured which is declared periodically as an addition to the sum insured and accrued bonuses.
Comprehensive
MEDICAL,USA: 1. Term used to describe a level of history and/or physical examination. 2. When an audit is taking place, term that indicates a general multisystem examination (eight or more organ systems or complete examination of a single organ system).
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A loosely used term signifying broad or extensive coverage of insurance.
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UK: A term describing a policy with a number of different types of cover in one document (e.g. a private car comprehensive policy has sections providing material damage cover, third party cover, personal accident cover, medical expenses, etc.).
Comprehensive “3-D” Policy
See: “Dishonesty, Disappearance and Destruction Policy.”
Comprehensive (Auto)
Provides coverage for any direct and accidental loss of, or damage to, your covered automobile and its normal equipment, to include but not limited to fire, theft or malicious mischief.
Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment and Rehabilitation Act
Federal legislation in 1970 that protects the confidentiality of the identity, diagnosis, prognosis, or treatment of any patient for alcohol abuse.
Comprehensive Automobile Insurance
Protection against loss resulting from damage to the insured auto, other than loss by collision or upset.
Comprehensive boiler and machinery coverage
Boiler and machinery (BM) coverage that applies to all insurable objects. There are two types
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Boiler and machinery (BM) coverage that applies to all insurable objects. There are two types standard comprehensive coverage applies to all objects except production machinery extended comprehensive coverage applies to all objects including production machinery. Contrasts with blanket group BM coverage, which applies to all objects within specified categories of objects, and with coverage applying only to individually described objects.