| WORD | DESCRIPTION |
| Cash Value | The equity amount or 'saving' accumulation in a whole life policy. |
| Claim Amount | It is the amount payable on the maturity of a policy or when a claim is raised. |
| Claim | Notification to an insurance company that payment of an amount is due under the terms of the policy. |
| Conditional Receipt | Given to policy owners when they pay a premium at time of application. Such receipts bind the insurance company if the risk is approved as applied for, subject to any other conditions stated on the receipt. |
| Contestable Clause | A provision in an insurance policy setting forth the conditions under which or the period of time during which the insurer may contest or void the policy. |
| Contingent Beneficiary | Person or persons named to receive proceeds in case the original beneficiary is not alive. also referred to as secondary or tertiary beneficiary. |
| Convertible Term | A policy that may be changed to another form by contractual provision and without evidence of insurability. Most term policies are convertible into permanent insurance. |
| Coverage | Another word for insurance. Insurance companies use the term coverage to mean the rupee amount of insurance purchased (Rs.2,00,000 of liability coverage) |
| Cross-purchase Plan | An agreement that provides that upon a business owner's death surviving owners will purchase the deceased's interest, often with funds from life insurance. |
