Online Dictionary

C

Cleaners Insurance Policy

A cleaners insurance policy is specialized coverage tailored for businesses involved in cleaning services, such as janitorial companies, carpet cleaners, and residential or commercial cleaners. It typically combines several types of insurance coverage into a single policy to protect against…

Clean-up Fund

Clean-up Fund : Designated pool of money set aside by insurers or policyholders to cover the costs associated with environmental remediation or clean-up activities. These funds are often established as part of liability insurance policies, especially for industries prone to…

Clause

Clause refers to a specific provision or condition within an insurance policy that outlines rights, responsibilities, and limitations for both the insurer and the policyholder. Clauses can define coverage terms, exclusions, conditions for claims, and other contractual details. Common clauses…

Classification

Classification refers to the categorization of individuals or risks based on various factors such as age, health status, occupation, and lifestyle habits. Insurers use classification to assess the level of risk associated with insuring a person or property. This process…

Class Rate

Class rate refers to a premium rate applied uniformly to a group of policyholders who share similar characteristics, such as age, occupation, or health status. Insurers use class rates to simplify underwriting and pricing by categorizing policyholders into risk groups…

Claimant

Claimant is an individual or entity that makes a formal request to an insurance company for compensation or coverage benefits due to a loss, damage, injury, or other covered events as per the terms of an insurance policy. Claimants provide…