Glossary

Cumis counsel is legal council selected by an insured rather than the insurer to represent the insured in a liability suit.

Cumulative collusive excess cover refers to a reinsurance contract under which the ceding company further reduces its net exposure that has been reinsured under a share agreement.

Cumulative injury is a type of workers injury that arises from the repetition of mentally or physically traumatic job tasks over an extended length of time.

Currency inconvertibility refers to measures a host government or financial authority takes to prevent a foreign investor from converting its earnings from the local currency, thus preventing the investor from repatriating its earnings. Coverage generally does not extend to currency devaluations, which are generally regarded as a business risk retained by an owner-investor.

Current assumption whole life insurance is a nonparticipating whole life policy that acts similarly to a universal life insurance policy in that it has an accumulation account from which mortality and other costs are deducted while interest is credited based on investment results.

Current disbursement is the pay-as-you-go technique to funding a pension plan.

The current service benefit is the portion of an insured's pension benefit that has accrued due to credited service in a given time period.

Customer's auto is a policy term that is defined in the Insurance Services Office, Inc. (ISO), garage policy.

A custom bond, required by the US Customs Service, guarantees the payment of duties or taxes due by law on all goods directly or indirectly imported or exported to or from the United States as well as the reporting of statistical data relating to the shipments involved.

A cutoff is a termination provision in a reinsurance contract under which the reinsurer is not liable for losses taking place after the date of termination.