Glossary

A controlled insurance program (CIP) is where one party procures insurance on behalf of all (or most) parties performing work on a construction project or on a specific site.

A controlled master insurance program is a multinational insurance program wherein the coverage terms and conditions apply on a blanket basis to all of the insured's international operations.

Controlled unrelated business refers to risks that are not owned by the captive shareholder but, because of an existing business affiliation—for example, a franchise or joint venture relationship—the owner of the captive exercises risk management control over the risk.

Controlling is a function of the risk management process that involves monitoring to verify that actual performance matches the plans and taking corrective actions if needed.

The Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM) of 2003 is a federal law regulating the use of unsolicited emails for marketing purposes and providing causes of action against violators.

Control Technique Guidelines are a series of Environmental Protection Agency (EPA) documents designed to assist states in defining reasonable available control technology (RACT) for major sources of volatile organic compounds (VOCs).

Subrogation rights that have been modified between two parties by the terms of a contract entered into by them are conventional subrogation.

A convention blank is a report form developed by the National Association of Insurance Commissioners (NAIC) and required by most states for reporting annual financial results of an insurance company.

A convention statement is the annual report format developed by the National Association of Insurance Commissioners (NAIC) and adopted by member states as the standard for all commercial insurers.

In the financial services industry, convergence is the coming together of credit institutions and insurance companies to develop products that combine the elements of each industry sector.