Glossary Of Insurance Terms - Ohio Insurance Institute

Glossary Of Insurance Terms
(Rev. 04/07)
C (continued)
Credit Disability Insurance:
Disability insurance on the borrower, payable to the creditor while the borrower is disabled, to cover the loan payment (usually small loans
repayable in installments). This insurance is usually issued through the creditor (a lender or lending agency) and is provided by an insurance
company under a group credit disability policy. Credit disability insurance also can be purchased by an individual directly from an insurance
company. (Also see Credit Life Insurance.)
Credit Enhancement:
A technique to lower the interest payments on a bond by raising the issue’s credit rating, often through insurance in the form of a financial
guarantee or with standby letters of credit issued by a bank.
Credit Insurance (Commercial):
See Commercial Credit Insurance.
Credit Life Insurance:
Term life insurance on the life of a borrower, payable to the creditor, to repay a loan (usually small loans repayable in installments) in case of
death. This insurance is usually issued through the creditor (a lender or lending agency) and is provided by a life insurance company under a
group credit life insurance policy to insure the lives of those who borrow from the creditor. Credit life insurance also can be purchased by an
individual directly from a life insurance company. (Also see Credit Disability Insurance.)
Credit Rating:
See Bond Rating.
Credit Score:
The number produced by an analysis of an individual’s credit history. The use of credit information affects all consumers in many ways, from
getting a job, finding a place to live, securing a loan, getting a telephone, and buying insurance. Credit history is routinely reviewed by insurers
before issuing a commercial policy because businesses in poor financial condition tend to cut back on safety which can lead to more accidents
and more claims. Auto and home insurers may use information in a credit history to produce an insurance score. Insurance scores may
be used in underwriting and rating insurance policies. (See Insurance Score.)
Crime Insurance:
Term referring to property coverages for the perils of burglary, theft and robbery.
Crop-Hail Insurance:
Protection against hail damage to growing crops. Coverage is often afforded under such policies for crop damage due to fire, windstorm,
drought, frost, snow, etc.
Customer Service Representative:
The assistant that supports the sales efforts of the sales agent or producer. Other titles include administrative assistant, agency underwriter
and marketing specialist. CSR is also a designation for a certified customer service representative.
OII Glossary Of Insurance Terms 12