Glossary

In first-party property cases involving multiple perils, courts use the "but for" test to determine whether a given peril is a cause-in-fact of the loss.

A buyback deductible is a deductible contained in the basic policy that may be removed by paying additional premium when full coverage is required.

A buyout settlement clause is a provision found in media liability insurance policies allowing an insured the option to refuse settlement of a claim for an amount offered by an insurer and agreed upon by a claimant.

A buy/sell agreement refers to a contract among members of a firm that provides for the continuation of the business through an agreement by which each principal agrees that, in the event of their death, their estate will sell its interest back to the business entity for a predetermined amount.

A bystander claim is a type of liability claim in which an accident bystander suffers some form of mental anguish due to witnessing this event.

The Cable Communications Policy Act (CCPA) of 1984 governs the collection and disclosure of personally identifiable information (PII) gathered by cable operators.

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.

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.

Cancelable refers to the fact that most insurance contracts can be terminated by the insurer or the insured at any time.

Cancellation is the termination of an insurance policy or bond, before its expiration, by either the insured or the insurer.