Canadian Loss Experience Automobile Rating (CLEAR)*
This is a method for classifying different models of cars for insurance purposes by using historical claims data, including Collision, Comprehensive, Direct Compensation - Property Damage, and Accident Benefits coverages. CLEAR is used by many insurance companies across the country.
Canadian Standard for Automobile Theft Deterrent Systems (ULC S338)*
This is the benchmark for all immobilizer theft deterrent systems. In after-market systems, the Canadian Standard demands that the immobilizer cut three vital circuits in the vehicle - the starter, the ignition and the fuel supply - to disable the vehicle. In Original Equipment Manufacturers (OEM) systems, the immobilizer disables the fuel injection system to render the vehicle inoperable. The Canadian Standard also requires that each theft deterrent system undergo extensive laboratory testing. Immobilizers meeting ULC S338 offer a proactive means of preventing vehicle theft.
Capacity
The measure of an insurerâs ability to issue contracts of insurance. Measured usually by the largest amount it will accept on a given risk or, in certain situations, by the maximum volume of business that the company is prepared to accept.
Captive Insurance Company
An insurance company that provides insurance to, and is controlled by, its owners.
Certificate of Insurance
Written document stating that insurance is in effect. Includes general statement of policy's coverage.
Claim*
The exercising of a policyholder's right under a policy to be paid by his or her insurance company for certain financial losses suffered. A claim can be any notification of a possible loss under an insurance policy, whether or not any payment follows. For every claim that is reported, the insurance company must set aside money ("reserves") sufficient to cover its anticipated cost.
Claimant
One who makes a claim.
Claims Examiner
An employee of an insurance company who directs the investigations of staff adjusters and independent adjusters, reviews their reports, and approves claim settlements.
Claims-made Policy
Refers to an insurance policy that provides coverage when a claim is made against the policy, regardless of when the claim event took place. A claims-made policy is most likely to be purchased when there is a delay between when claims occur and when they are filed.
Clause
Words in a policy which describe certain specifications, limitations or modifications.
Co-insurance Clause
A distinct section or provision in an insurance policy that requires an insured (property owner) to carry separate insurance for a specified amount stated in the policy to be eligible for full coverage. If there is insufficient coverage, the insured must pay part of the loss.
Co-insurer
Two or more persons or companies who may be sharing a loss. A company whose policy covers the same risk as that of one or more other companies, is a co insurer whether the policies are written separately or together.
Collapse
Falling in of a building.
Collision
The act of striking against something with force. The impact of a moving body; for example, a vehicle, vessel, or rail with another or with a fixed object in or upon the ground.
Collision or upset Insurance
An item of coverage in an automobile physical damage policy that insures against loss or damage resulting from the act of striking against something with force or from tipping over.
Commercial Automobile
Any class of vehicle used to transport equipment, tools, goods, or people in relation to the insured's business as stated in the application for insurance, and any emergency services vehicle as qualified under the governing legislation where it is operating.
Commercial General Liability policy (CGL)*
A standard form of liability insurance developed for use in the business sector. It is usually contained in a broader mercantile policy also covering property loss and business interruption.
Commercial Host Liability (Liquor Liability)*
Coverage for the liability incurred by owners of establishments selling alcoholic beverages, for damage caused by intoxicated patrons and for injury to themselves or third parties.
Commercial Property Floater
(1) A property insurance form that covers commercial property items of a portable nature. (2) A property insurance form that covers property at specified premises of the insured, at newly acquired premises, and while in transit within Canada and the United States.
Commercial Property Policy
An all-risk and all-inclusive policy applicable to the stock of wholesalers, distributors, and retailers. Coverage is basically fire, extended coverage, theft and âall other perils.â Sometimes called a âcommercial blockâ or âmercantile blockâ policy.
Commission
Compensation based upon the amount of production; for example, independent insurance agents are compensated on the basis of a percentage of the premium. The percentage varies with different lines of insurance.
Comprehensive Automobile Coverage
An item of coverage in an automobile physical damage policy insuring against loss or damage resulting from numerous miscellaneous causes such as fire, theft, windstorm, flood, or vandalism. Usually does not include loss by collision or upset.
Comprehensive General Liability Policy
A policy particularly suited to a manufacturer, contractor or large wholesaler or retailer providing broad coverage for claims made against him for bodily injury or damage to property of others for which he may become liable and which arise out of his entire business operation.
Conditions*
Conditions are terms of insurance contracts that impose obligations an insured person must satisfy in order to preserve coverage.
Condominium
Individual ownership of a single unit in a multi-unit building or group of buildings, including a percentage interest in the part of the total property owned jointly by all unit owners. Condominium property requires special insurance treatment.
Contract
An agreement or promise between two or more parties that is intended to be legally enforceable and is constituted by the acceptance by one party of an offer made by another party, to do or to abstain from doing a specific act. The offer and acceptance may either be expressed or be inferred through the conduct of the parties.
Coverage
What an insurance contract covers. Can be used interchangeably with âinsuranceâ or âprotection,â as in âfire coverageâ or âfire protectionâ or âfire insurance.â
Crime Stoppers*
An international, non-profit civilian program that assists police in solving crimes through tips reported by citizens who have knowledge or a suspicion of a crime that has taken place. Since its establishment, Crime Stoppers has contributed to solving more than half a million criminal cases internationally, with a value of more than $3 billion.
Cyber Crime
A criminal offence committed through a computer or the Internet that causes loss or damage to the victimâs computer system, network, or data; denies access to data or service; or enables further related crimes such as extortion or the resale of stolen data.
Cyber Risk
Any risk of financial loss, disruption of business, or damage to an organizationâs reputation due to a failure of its information technology systems.
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