Captive Value Added (CVA) is the financial benefit to an organization as a result of participating in a captive program as a shareholder and/or insured. One template approach to calculating CVA uses a net present value (NPV) comparison of the cost of the program to show the captive’s contribution to the organization’s ability to retain, that is, the effect of capacity building, as well as the lower after-tax costs compared to self-insurance or commercial insurance. The value added approach can also be used to recognize both subjective and objective benefits.
Car sharing is usually a short-term car rental activated online or by a mobile device available exclusively to members. Car sharing companies may own rental cars (such as Zipcar) or individuals may own peer-to-peer rentals (such as RelayRides).
The Care Coordination Benefit is a provision included with some long-term care (LTC) insurance policies that pays for a consultation with a specialist, such as a registered nurse or medical social worker, to periodically evaluate and provide advice on a member’s care program. The purpose of the care coordination allowance is to adjust services when and if a person’s care needs change. Also known as Personal Care Counselor’s Guide or Personal Care Advocate’s Guide.
Care, Custody or Control (CCC) is an exception common to several forms of liability insurance that excludes coverage for damage to property in the care, custody or control of the insured. Coverage for this risk is available under other, more specific forms of insurance, such as truck insurance and garage owner insurance. In some cases, CCC has been found to entail physical possession of property; in other cases, any party with a legal obligation to exercise care in relation to property is deemed to have that property in its CCC.
The Carmack Amendment is an amendment to the Interstate Commerce Act that provides that an ordinary carrier who receives property for transportation to a point in another state or territory, the District of Columbia, or a neighboring foreign country, is liable for any loss, damage, or damage that he inflicts on his load. It makes the carrier liable, without proof of negligence, for any damage to the cargo. The amendment, first adopted in 1906, applies to road carriers (UPS, FedEx, etc.), airlines and freight forwarders, as well as railroads and other ordinary carriers.
The Carriage of Goods by Sea Act (COGSA) of 1936 is incorporated by reference into every bill of lading for a foreign shipment of goods to or from the United States. This Law contains a detailed list of 17 causes of loss for which the carrier or ship is not liable as long as the carrier has taken reasonable steps to make the ship seaworthy and handle/stow the cargo responsibly. COGSA also limits liability to US$500 per package or common freight unit (CFU) unless otherwise specifically stated on the bill of lading. This amount, however, can never be more than the losses actually incurred.
A carry-forward is a multi-year rating device used in some reinsurance contracts that provides that reinsurers’ loss in a given period of time can be applied to the results of a previous period (loss carry forward) or can be applied to a future period (loss carry forward). .
Case management is the process associated with workers’ compensation claims in which the recovery and rehabilitation of an injured worker is overseen by a case manager. The goal of the case manager is to focus on the rehabilitation of the individual in order to expedite the return to work by helping the worker reach pre-injury physical condition. This is a concept that has been developed in the field of social benefits and adapted to workers’ compensation.