Glossary

In insurance, the commission is a certain percentage of premium produced that is retained as compensation by insurance agents and brokers.

A commissioner is the title of the head of most state insurance departments.

The Commissioners Standard Ordinary (CSO) 1958 Mortality Table is the mortality table approved by the National Association of Insurance Commissioners (NAIC) as a standard for evaluation and computation of nonforfeiture values for whole life insurance policies.

Commissions of selling agents coverage is for reduction in sales commissions for selling agents when the manufacturer they represent cannot deliver the product because of damage to or destruction of the manufacturer's plant.

The Committee of Sponsoring Organizations (COSO) establishes frameworks and criteria that companies and their auditors use to establish internal controls.

A common accident is one in in which two or more persons are injured.

A common carrier is a term used for a commercial individual or organization that carries persons or property from one place to another for payment—for example, a trucker.

A common disaster is a situation in which the insured and the beneficiary of a life insurance policy appear to die simultaneously without evidence of who died first.

For years, cedents have been able to protect privileged information shared with a reinsurer from disclosure to its policyholder in a coverage dispute on the basis of the common interest doctrine.

Common law is a body of law derived from court decisions based on custom and precedent as opposed to being derived from statutes.