Claim*

The exercising of a policyholder’s right under a policy to be paid by his or her insurance company for certain financial losses suffered. A claim can be any notification of a possible loss under an insurance policy, whether or not…

Captive Insurance Company*

A company that is owned solely or in large part by one or more non-insurance entities (e.g., a municipality) for the primary purpose of providing insurance coverage to the owner or owners.