Online Dictionary

C

Codicil

Codicil refers to a legal document used to modify or amend an existing will. It allows the testator (the person making the will) to make small changes to their estate plan without rewriting the entire will. A codicil must meet…

CMS Rating Committee

CMS (Centers for Medicare & Medicaid Services) Rating Committee is responsible for evaluating and assigning ratings to Medicare Advantage (Part C) and Medicare Part D plans. These ratings, ranging from 1 to 5 stars, assess the quality and performance of…

Clubs

Clubs refers to mutual insurance companies that operate on a cooperative basis, often within specific professions or industries. These clubs are owned and governed by their policyholders, who typically share similar risks and interests. Members pool their premiums to cover…

Cloudburst Insurance Policy

Cloudburst insurance policy provides coverage specifically for damages caused by sudden, intense rainfall events that result in flash floods or significant water damage. This specialized insurance typically covers property damage, including structural damage to buildings, belongings, and infrastructure due to…

Cloud on the Title

Cloud on the Title: Claim, encumbrance, or defect that affects the ownership or validity of a property title, potentially hindering its transfer or use as collateral. It signifies unresolved issues such as unresolved liens, unpaid taxes, undisclosed heirs, or improperly…

Closed Contract of Insurance

Closed Contract of Insurance: a policy that has reached its end date or has been terminated by the insurer or policyholder according to its terms. Once closed, the insurer's obligations under the policy cease, including coverage and any associated benefits.…