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

Clawback

1. A practice whereby a pension scheme will offset an amount equivalent to the state pension against a target pension so as to arrive at the amou payable by the scheme. 2. Commission paid to an intermediary for introducing business may be ‘clawed back’ if the policy does not stay in force for a specific period of time. 3. See DELAYED TURNOVER.

CLCS –

A designation – Commercial Lines Coverage Specialist- conferred upon successful completion of five classes designed by the National Underwriter Company.

Clean bill

Type of hospital invoice (patient’s financial accounting statement) assessed by someone auditing a hospital bill that has no errors. Also see under bill and over bill.

Clean claim

Completed insurance claim form submitted within the program time limit that contains all the necessary information without deficiencies so that it can be processed and paid promptly; a claim that passes all electronic claim edits and claim audits; or a claim that is subject to medical review but is submitted with complete data attached or forwarded simultaneously with electronic media claim records.

Clean cut basis

The method of transferring premium portfolios and loss portfolio from one year to another in a manner that simplifies the preparation reinsurance treaty accounts when a treaty is cancelled or transferred. See LOSS PORTFOLIO TRANSFER.