A bank that in its own country handles the business of a foreign bank.
Tag: RAW
Corridor
1. Required difference between a universal life insurance policy’s death benefit and the policy’s cash value. This difference is a specific percentage according to the insured’s age. If a policy’s cash value exceeds the required percentage of the death benefit (intrudes on the corridor), the policy is considered an investment contract instead of an insurance contract. Also called TEFRA corridor. 2. In reinsurance, an amount of insurance that is in excess of the ceding company’s retention limit but is less than the reinsurer’s minimum cession.
Corridor (Life Insurance)
A concept in universal life insurance. The corridor is the amount of pure insurance protection above the accumulation value to qualify as life insurance for tax purposes.
Corridor deductible
In a managed care plan, the amount that a member must pay before plan benefits are accessible.
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Deductible which applies between a layer of primary and a layer of excess Insurance, requiring the insured to retain a portion of each loss which exceeds the limit of the primary coverage before the excess coverage pays any remaining loss.
Corridor deductible (Health Insurance)
A medical stipulation that makes a deductible, called a corridor, available. The corridor exists after payment of hospital and medical costs up to a certain amount, and before more expenses are shared through coinsurance.
COSHH (Control of Substances Hazardous to Health Regulations 2002/(Amendment) Regulations 2003)
HSE enforceable regulations to protect workers from substances hazardous to health. Substance means any solid, gas, fume, dust or vapour and any micro-organism. The employer must, inter alia, assess, monitor and control each work situation to ensure that workers are not exposed to possibly harmful amounts of any substance connected with the work. COSHH sets out limits for a large number of hazardous substances based on maximum exposure limits and occupational exposure standards. The employee has a duty to cooperate with the employer regarding monitoring and health surveillance.
Cosmetic surgery
Elective operation of cutaneous or underlying tissues performed to improve appearance and correct a structural defect or to remove a scar, birthmark, or normal evidence of aging. Most health insurance plans do not pay for it unless disfigurement resulted from an accident or catastrophic event. Cosmetic surgery is differentiated from reconstructive surgery, which insurance programs feature as a benefit. Also called aesthetic surgery. See reconstructive surgery.
Cost accountant
Individual whose work is to inspect, keep, or adjust financial accounts. When a patient is denied certain treatment, it may be the result of the cost accountant determining that treatment was not cost-effective and thus unnecessary.
Cost and freight (CFR)
Same as Cost, Insurance and Freight except that the cost of insurance is borne by the overseas buyer.
Cost center
Department to which a revenue or expense is allocated.