A table used to find the nonforfeiture value due to the policyholder of an industrial life insurance policy.
Tag: RAW
Commissioner’s standard ordinary mortality table (Life Insurance)
A table used to find the nonforfeiture value due to the policyholder of a life insurance policy.
Commissioner’s values
A list of the values of securities published by the national association of insurance commissioners annually. This list is used when documenting the values of the securities owned by the insurance company on its balance sheet.
Commitments
A promise or pledge by an Insurance Company to accept certain risks.
Commodity Specialist
An official authorized by the U.S. Treasury to determine proper tariff and value of imported goods.
Commodity Trade Clauses (A), (B) & (C)
These are agreed with the Federation of Commodity Associations for the Insurance of shipments of Cocoa, Coffee, Cotton, Fats and Oil not in bulk, Hides, Skins and Leather, Metals, Oil Seeds, Sugar (raw or refined) and Tea. Much of the cover in these Clauses is the same as provided in the standard ICC (A), (C) & (C).
Common Accident
An accident in which two or more persons are injured.
Common accident provision
1. Clause in a medical expense insurance contract that states if two or more members of the same family are injured in the same accident, their combined medical expenses will be subject to one deductible. 2. Clause in voluntary group accidental death and dismemberment insurance plans that states the amount payable by the insurance company is limited to a maximum for all employees killed or injured in one accident.
Common Account Reinsurance
Reinsurance which is purchased by the ceding insurer to protect both itself and its reinsurer (usually quota share reinsurer) and which applies to net and treaty losses combined. This may also be referred to as Joint Account Excess of Loss Reinsurance.
Common area
The part of a building or premises either owned by or used by all tenants or tenant-owners of the building (e.g., the swimming pool at a condominium).