Glossary

The Cable Communications Policy Act (CCPA) of 1984 governs the collection and disclosure of personally identifiable information (PII) gathered by cable operators. With the exception of information that is used to provide service or detect unauthorized reception, cable operators must obtain written permission from subscribers before collecting or disclosing specific information about the individual. The CCPA provides for disclosure of information to government bodies when the government offers sufficient evidence that the customer engaged in criminal activity to which the information is relevant.

The calendar year experience refers to incurred losses and loss adjustment expenses (LAE) for all losses (regardless of when reported) related to a specific calendar year divided into the accounting earned premium for that same period. Once calculated and established, this amount does not change.

California Information Privacy Act (SB 1386) is a law requiring organizations that collect and store personal information on California residents to disclose any breach of security to those individuals affected. As the law applies to any California resident, companies located outside California are also affected, though notification to non-California residents is not required.

Cancelable refers to the fact that most insurance contracts can be terminated by the insurer or the insured at any time. If an individual policy is not a cancelable policy, then it will probably be designated guaranteed renewable or noncancelable. Individual life insurance policies are noncancelable by the insurer. Most property and liability policies can be canceled.

Cancellation is the termination of an insurance policy or bond, before its expiration, by either the insured or the insurer. Insurance policy cancellation provisions require insurers to notify insureds in advance (usually 30 days) of canceling a policy and stipulate the manner in which any unearned premium will be returned. As respects reinsurance, cancellation is used in the following contexts: (1) Runoff basis means that the liability of the reinsurer under policies that became effective under the treaty prior to the cancellation date of such treaty shall continue until the expiration date of each policy. (2) Cutoff basis means that the liability of the reinsurer under policies that became effective under the treaty prior to the cancellation date of such treaty shall cease with respect to losses resulting from accidents taking place on and after said cancellation date. Usually, the reinsurer will return to the company the unearned premium portfolio, unless the treaty is written on an earned premium basis.

Cancel and rewrite refers to an insurer's cancellation and reissuance of the same policy. This is typically used to switch a policy renewal to a new date.

Candidate analysis is a restricted form of optimization risk modeling in which only a finite number of prespecified decision options are considered, and the best set among those options is determined through the analysis.

A canine liability exclusion is a homeowners policy exclusion that precludes personal liability and medical payment losses for canines described in the endorsement schedule that are owned by or in the care, custody, or control of an insured. It specifically excludes bodily injury (BI) or property damage (PD) arising out of direct physical contact with the described canine. The need for this endorsement arose because many insurers were reluctant to insure homeowners who owned or had control of certain breeds of dogs they considered aggressive, such as chows, Doberman Pinschers, rottweilers, husky types, malamutes, German shepherds, pit bulls, or wolf hybrids/wolf dogs; or insureds who owned dogs with a biting or clawing history.

Cannabinoid is any one of a large number of chemical compounds that act on cannabinoid receptors in the brain. Cannabinoids may be naturally occurring or synthetic.

Cannabis is any part of the plant Cannabis sativa L. or derivative thereof with a delta-9 tetrahydrocannabinol concentration greater than 0.3 percent on a dry weight basis. Insurance Services Office, Inc. (ISO), defines cannabis as "Any good or product that consists of or contains any amount of Tetrahydrocannabinol (THC) or any other cannabinoid , regardless of whether any such THC or cannabinoid is natural or synthetic." [Emphasis added.]