C
Cancellation Clause
A clause in an insurance contract which permits an insurer and/or the person insured to cancel the contract before it is due to expire. The clause may allow for the refund of part of the premium in respect of the unused portion of the policy.
Claimant
The person making a claim.
Claims History
A detailed breakdown of previous claims, including details of paid and outstanding claims; ideally confirmed by the current insurer.
Cooling off period
This is a certain amount of time the policyholder can cancel the policy if you change your mind at the start without penalty. However, there may be some costs depending on the investment/insurance contract, but these will be set out in your documentation. This is also known as ‘time to change your mind’.You have the right to withdraw from a policy of insurance within 14 days from the starting date of cover, or from the date which you receive the policy documents, whichever is later.
Community rating
Private health insurance principle that cross-subsidises the cost of private medical insurance from young to old and, to some degree, male to female
Consumer Protection Code (CPC)
Code issued by the Central Bank of Ireland setting out requirements that regulated insurance companies must comply with in order to ensure a minimum level of protection for consumers.
Co-Insurance
An arrangement where an insurance policy is shared by more than one insurer.