Glossary

A compensating balance plan is an insurance cash flow plan whereby the insurer, in an account specifically set up for the plan, collects premiums and deposits them in the insured's bank.

Compensatory damages is a sum of money to which a plaintiff is entitled that, so far as is possible, makes amends for the actual loss sustained.

Competitive bidding involves an insured requesting coverage and premium quotations on its insurance program from a number of agents/brokers.

Competitive state funds are state-owned and -operated facilities that compete with commercial insurers in writing workers compensation insurance in that state.

A complaint is the original or initial pleading by which a legal action is commenced under the Codes and Rules of Civil Procedure.

Under a general liability policy, completed operations (C/O) refers to work of the insured that has been completed as called for in a contract or work completed at a single jobsite under a contract involving multiple jobsites or work that has been put to its intended use.

Complete retention is a risk financing tactic in which the organization assumes the entire risk of loss, rather than transferring that risk to another entity, such as an insurer.

The Compliance and Ethics Forum for Life Insurers (CEFLI) is a nonprofit organization formed in 2011 and headquartered in Bethesda, Maryland, that provides a forum to serve the needs of the life insurance industry's compliance and ethics professionals.

Compliance, Safety, Accountability (CSA) score was an initiative rolled out in December 2010 by the Federal Motor Carrier Safety Administration (FMCSA) to improve large truck safety by reducing crashes, injuries, and fatalities on the road.

Composite rating is a method of rating insurance premiums on a singular rate developed to apply to all coverages according to a selected exposure basis.