C-D

Cancellation: written notice to be sent to the insurer by the contractor, or vice versa, within a certain period of notice established by the contract, so as to avoid tacit extension of the insurance contract.
 
Captive company: company which provides its products and services to companies in its group.
 
Claim: an event insured against in the contract.
 
Claim advice: advice that the insured has to give his/her insurer or agent after a damage or loss. Unless otherwise specified in the contract, the advice must be given within three days from the date the damage or loss has occurred, or the date on which the insured has been informed thereof.
 
Claims adjuster: self-employed worker or employee of an insurance company who evaluates the economic damage when an accident occurs.
 
Claims adjuster: self-employed worker or employee of an insurance company who evaluates the economic damage when an accident occurs.
 
Code of Ethics: document written a voluntary basis outlining the Company’s commitments to internal stakeholders. The Code of Ethics also describes the Company’s attitude towards major social, environmental and economic issues; this is particularly important when operating in countries that do not provide for the safeguard of human rights, labour rights or the environment.
 
Coinsurance: contract whereby the same risk is shared and insured by one or more insurance companies. In the event of claim, each of the insurance companies has to pay an indemnity according to the share it has insured.
 
Coinsurance: contract whereby the same risk is shared and insured by one or more insurance companies. In the event of claim, each of the insurance companies has to pay an indemnity according to the share it has insured.
 
Collision damage waiver: policy that covers accidental damage to the insured vehicle.
 
Combined ratio: overall costs for claims and expenses expressed as a percentage of the value of earned premiums for the financial year. The combined ratio is equal to the sum of the expense ratio and loss ratio.
 
Commission: basic element of the work relation with the agency. The agent’s obligation to deal with contract underwriting corresponds to the insurer’s obligation to pay him/her a certain fee for the business made. A distinction is usually made between acquisition commissions (which are paid for the acquisition of new contracts) and collecting commissions (which are paid for premium collection and the administrative management of contracts).
 
Confindustria: Confederation of Italian Industry representing Italian companies.
 
Consolidated Financial Statements: a document that shows the financial and asset status, economic results and variations in the shareholders’ equity of a group of companies considered as a single economic body. It derives from combining the financial statements of the companies belonging to a group, net of amounts relating to internal group operations.
 
Core business: the main area of business for a company operating in many fields.
 
Core competence: competence critical to the development and success of a company.
 
Corporate Centre: The body of the Group that is responsible for managing, coordinating and controlling activities within the scope of the general guidelines defined by the Parent Company Board of Directors.
 
Corporate Governance: a governance system encompassing various bodies (levels, composition, competence, etc.) and the rules that govern the relations between them (right to vote, delegation of powers, etc.).
 
Credit rating: credit evaluation by quantifying the likelihood of a person’s/company’s insolvency.
 
Customer satisfaction: a process of knowing clients’ perceptions and expectations concerning a service or product.  It is used to compare in relative terms the value of a particular service offered to the public.
 
Customer service: a group of services provided to the client.
 
Deductible/excess: contract clauses limiting the insurance cover whereby a certain amount of the damage is still to be charged to the insured. The deductible - usually expressed with a fixed amount or in percentage - is applied on the sum insured and can therefore be established beforehand. It is different from the excess as the latter - expressed in percentage - is calculated according to the damage or loss, and as such cannot be established beforehand.
 
Direct business: Premiums from insurance contracts.
 
Dividend: part of the net profits of a joint-stock company distributed to shareholders annually.
 
Dow Jones EuroStoxx 50: this euro-area index represents 50 leading European companies in their fields, listed on the Dow Jones EuroStoxx Index.
 
Dow Jones EuroStoxx Insurance: a weighted index based on capitalization measuring the performance of the insurance sector in European Monetary Union member countries.