Your equation is misleading - read as an equation, it implies $P(C)=1$ or $P(T)=1$, which is most likely not the intended interpretation.
Rather, this is an update prescription, $P(T)\leftarrow1-(1-P(T)(1-P(C))$. Writing this as $p_{n+1}=1-(1-p_n)(1-r_n)$ and rearranging yields $1-p_{n+1}=(1-p_n)(1-r_n)$. Thus, this is a simple multiplicative update of the complements: The risk is the complement of the probability of survival, and the total accumulated probability of survival is the product of the individual probabilities of survival.