(2) In transportation insurance, the entity that "carries" goods, such as truckers or the railroad.ĬASUALTY INSURANCE – A class of insurance made up of a variety of sub–classes principally concerned with insurance against loss due to legal liability to third persons, but comprising also several unrelated lines.ĬATASTROPHE – An event that causes a loss of extraordinary large amount.ĬEDE – An insurer reinsuring some of an insurance line it has underwritten with a reinsurer. Almost invariably the contract states the type of notice necessary before such cancellation becomes effective and how the return premium, if any, is to be calculated, short rate or pro rata.ĬAPACITY – The amount of insurance available for anyone type of exposure.ĬAPTIVE INSURANCE COMPANY – An insurance company set up to insure the risks of its owner, whether it be an individual entity or an association.ĬARGO INSURANCE – Insurance covering goods being transported, as on ships, motor trucks, railroads, or airplanes.ĬARRIER – (1) An insurance company. CANCELLATION – The termination of an insurance policy or bond, before its expiration, by either the insured or insurer.
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