Glossary

A chief risk officer (CRO) is an executive-level individual responsible for an organization's strategies, objectives, and techniques for handling all types of risk facing the enterprise. This is a holistic approach to risk that takes into account the company's growth, profit, and revenue. CROs are concerned not only with hazard risk (the traditional realm of risk managers) but also operational and financial risks.

The Children's Online Privacy Protection Act (COPPA) of 1998 generally applies to companies or groups that operate either commercial websites or online services directed at children (anyone under 13) or that knowingly collect personal information from children. COPPA requires such website operators to provide online notice about their information practices with respect to children. In general, the law states that operators must obtain verifiable parental consent prior to any collection, use, or disclosure of personal information from children.

Choice no-fault is an auto no-fault plan that allows insureds to choose whether mandatory auto coverage is covered under the traditional tort liability system or under a no-fault compensation system that restricts the ability to collect noneconomic damages.

Chronic toxicity is the capacity of a substance to cause long-term poisonous human health effects.

Circumstance is a term used in some claims-made policies as an alternative to "occurrence." A "notice of circumstance" provision is included in some claims-made policies as a way of extending coverage for events that may produce a claim, so long as notice of the "circumstance" is given to the insurer during the policy period.

The Civil Rights Act of 1991 broadened the scope of Title VII of the Civil Rights Act of 1964 to include the right to a jury trial as well as the right to recover compensatory and punitive damages. The 1991 Act gives employees who sue their employers the right to a jury trial and the right to recover compensatory and punitive damages. Prior to passage of the Civil Rights Act of 1991, successful claimants were entitled only to awards of back pay and lost benefits and were not afforded the right to a jury trial.

A claim, when used in reference to insurance, may be a demand by an individual or corporation to recover, under a policy of insurance, for loss that may come within that policy.

A claimant is the person making a claim, typically in connection with a lawsuit. Use of the word "claimant" usually denotes that the person has not yet filed a lawsuit. Upon filing a lawsuit, a claimant becomes a plaintiff, but the terms are often used interchangeably.

A claims-made-and-reported policy is a type of claims-made policy in which a claim must be both made against the insured and reported to the insurer during the policy period for coverage to apply. Claims-made-and-reported policies are unfavorable from the insured's standpoint because it is sometimes difficult to report a claim to an insurer during a policy period if the claim is made late in that policy period. However, more liberal versions of claims-made and reported policies provide post-policy "windows," which allow insureds to report claims to the insurer within 30 to 60 days following policy expiration.

A claims-made coverage trigger requiring that a claim be both made against the insured and reported to the insurer during the policy period for coverage to apply is called a claims-made and reported provision.