A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Cash-balance pension plan

Type of defined benefit plan in which each person participating has an account that is credited with amounts that reflect the employer’s contributions and reflect investment interest. The balance in the account is called the participant’s accrued benefit. When the participant retires, he or she may receive the full account balance in a lump sum if the benefits are fully vested or may use the account balance to purchase an annuity.

Cashing-in

Occurs where the holder of a unit-linked policy takes the cash value of his units on the maturity date. The cash value in any given year is affected by both the market trends and by investment management decisions. The holder may be allowed to defer his ‘cash-in’ for a period without having to pay more premiums.

Castellain v. Preston (1883)

The leading case on indemnity. Defendant contracted to sell property but, before completion, the property sustained fire damage (£330), which the defendant recovered from his insurer. On completion, the defendant received the full purchase price from the purchaser despite not having repaired the damage. The insurer recovered the £330 payment as the defendant, having received the full price, had suffered no loss and the fire policy was one of indemnity.

Casualty

A loss incurred due to an accident.
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UK: A term describing a loss, particularly used in the insurance of marine hulls. See CASUALTY BOOK; CASUALTY INSURANCE.
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Loss or liability arising from an accident or mishap, excluding certain losses or liabilities which, by law or custom, are considered as falling exclusively within the scope of the protection provided by Fire or marine Insurance. Casualty includes, but is not limited to, losses or liability covered by Employers Liability, Workmen’s Compensation, Public Liability, Automobile Liability, Plate Glass, Burglary and Theft Insurance.
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Refers to a loss, particularly the loss of a ship.