The amount of cash available to a policyholder upon surrender of a life insurance policy or annuity contract

Captive Agent. An insurance agent who has agreed to provide exclusive representation to one insurer. A captive agent usually is an employee of the insurer.

Captive Insurer. An insurer controlled by an insured or a group of insureds, formed for the purpose of insuring risks associated with the activities of its stockholders or members.

An Arlington, Virginia-based professional organization that promotes actuarial science for lines of insurance other than life insurance

Carrying Value. The dollar amount allowed by the NAIC Securities Valuation Office for any invested asset included in an insurer’s statutory financial payday loans Arizona statement. Allowable values for different classifications of assets may vary.

Case Management. The process by which all health-related matters of a case are managed by a physician or nurse or designated health professional. Physician case managers coordinate designated components of health care, such as appropriate referral to consultants, specialists, hospitals, ancillary providers and services. Case management is intended to ensure continuity of services and accessibility to overcome rigidity, fragmented services and the misutilization of facilities and resources. It also attempts to match the appropriate intensity of services with the patient’s needs over time, and is a component of utilization management.

Case Reserves. Reserves established with respect to specific reported claims that are intended to reflect the ultimate liability and expense of settling a claim.

Cash Balance Plan. A type of defined benefit plan, sometimes referred to as a hybrid plan because it mimics some of the characteristics of defined contribution plans. Employees receive credits in their own account, based on a percentage of their salary and a credited interest rate, and are provided periodic statements that track their accumulating balance. Although the account is more hypothetical than real, the funds are subject to the same rules as defined benefit plan assets and form part of the company’s asset pool.

Catastrophe. A loss or series of losses expected to exceed $25,000,000 in insured property damage. The definition was revised from a $5,000,000 threshhold effective January 1, 1997.

Catastrophe Reinsurance. A form of reinsurance, usually in the form of excess-of-loss reinsurance, that indemnifies the ceding insurer from losses arising from a natural disaster. The actual reinsurance document is referred to as a “catastrophe cover.”

The process of underwriting in which the insurer seeks to compensate for underwriting losses by investment income derived from the cash flow of its premiums

Cedant. A term for an insurer that has underwritten insurance and transfers all or part of its risk to a third party by purchasing reinsurance; also known as a reinsured.

Ceded Premiums. Primarily, refers to premiums paid for reinsurance policies and transferred to the reinsurer. May also refer to premiums transferred by an individual company under a pooling arrangement.

Ceding Commission. An amount payable by a reinsurer to a cedant to cover its acquisition costs plus an anticipated profit margin.

Certificate of Insurance. A document issued to individuals insured under a group policy setting forth the essential terms of coverage.

Chartered Life Underwriter (CLU). A person with a minimum of three years of experience in the life and health insurance business who has passed a series of ten professional examinations.

Chartered Property and Casualty Underwriter (CPCU). A person with a minimum of three years of experience in the property-casualty insurance business who has passed a series of ten professional examinations.

Chronic Care. Long-term care of individuals with longstanding, persistent diseases or conditions. It includes care specific to the problem as well as other measures to encourage self-care, to promote health and to prevent loss of function.

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