Glossary

A credentialing committee within hospitals and allied healthcare facilities reviews the professional backgrounds and educational training of physicians prior to granting them permission to admit and treat patients in hospitals/allied healthcare facilities.

Credentialing liability generally arises from a hospital's wrongful denial of staff privileges to an otherwise competent, qualified physician or healthcare professional.

Credibility is an actuarial term describing the degree of accuracy in forecasting future events based on statistical reporting of past events.

Creditor group life insurance is a form of group life insurance issued to a creditor (e.g., bank, credit union) to insure the lives of its debtors in the amount of their unpaid debt.

In reinsurance, credit carry-forward refers to the transfer of credit or profit from one accounting period under a long-term reinsurance treaty to the succeeding accounting period.

A credit default swap is a contract in which the buyer makes one or a series of payments to the seller in exchange for a promise that, if a specific credit instrument, such as a bond or loan, goes into default, the seller will pay the buyer a certain sum.

Credit for reinsurance is a statutory accounting procedure permitting a ceding company to treat amounts due from reinsurers as assets or reductions from liability based on the status of the reinsurer.

Credit health insurance is insurance designed to cover a borrower's indebtedness with the creditor receiving the policy benefits to pay off the debt if the borrower becomes disabled or dies accidentally.

Credit insurance is coverage against insolvency of a customer, which provides protection against payment default on loan, interest, or scheduled payments.

Credit life insurance refers to term life insurance that pays off the balance of a loan if the borrower dies.