Glossary

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.

Converted losses is a term used with retrospectively rated insurance programs: ratable losses times a loss conversion factor.

Convertible refers to a policy that may be changed to another form without evidence of insurability.

Convertible term life insurance offers the policyholder the option of exchanging the term policy for some form of permanent life insurance without evidence of insurability.

Named for Peter Cooke of the Bank of England, the Cooke ratio is the ratio of commitments (assets weighed by the risk of default) to total assets.

A cooperation clause is a policy provision compelling the insured to assist an insurer in defending claims under a policy.

A cooperative controlled insurance program (CO-CIP) describes a controlled insurance program in which the project owner includes the prime or general contractor in identifying the project risks and designing the program's insurance coverages.

Cooperative insurance pertains to fraternal societies, employee associations, industrial associations, trade unions, or other mutual associations.