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Consolidated Omnibus Reconciliation Act of 1985 (COBRA)

Federal law requiring employers to offer continuation of health insurance coverage for at least 18 months to employees and their beneficiaries after any of the following: the death of a spouse, their current position has been terminated, work hours are reduced, left job voluntarily, or getting a divorce. Employees may have to pay both their share and the employer’s share of the premium. Generally, they may also have to pay an administrative fee. The law does not affect employers with fewer than 20 employees. However, some state laws may apply to employers with fewer than 20 employees. Legislation also includes protection for patients seeking emergency treatment in a hospital in that every hospital participating in the Medicare program must treat any patient in an emergency situation regardless of the patient’s ability to pay and the patient does not have to be on Medicare.

Consolidated Option

An option in a business interruption insurance, effected on the Dual Wages basis, for the insured to elect to receive full protection against loss in respect of wages for a longer period than the initial period specified in the policy.

Consolidation

Uniting health care facilities under the control of a few health care organizations through mergers, acquisitions, alliances, and formation of contractual networks. This process is related to integration. See integration.
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UK: The combining of separate shipments from two or more shippers for one or more consignees into one container. See CONSOLIDATION CLAUSE.

Consortium

The name for an agreement under which several nations or nationals (usually corporations) of more than one nation, join together for a common purpose. It could be for management or exploitation of a natural resources, as in the case of international petroleum consortiums.

Consortium underwriting

Underwriters/insurance companies working as a group to offer chosen target markets particular forms of business on a group basis, e.g. travel insurance sold through travel agents. Each consortium member taking a preset share of the business accepted by one leading, member named underwriter, on behalf of the consortium. Lloyd’s issued consortium underwriting guidance notes in Regulatory Bulletin 43/99.