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GLOSSARY

Canadian Mortgage, Insurance and Financial Glossary

Words categorized under Insurance

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Abandonment Clause — Casualty and Theft Loss
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Casualty InsuranceCredit Insurance
abandonment clauseDefinition (Insurance, Legal-contracts)
A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
accelerated benefit optionDefinition (Estate-management, Insurance)
An option that allows the insured to receive insurance benefits before they would ordinarily be available.
accidental death and dismemberment insuranceDefinition (Estate-management, Insurance)
Insurance coverage for death or dismemberment (the loss of a body part).
accidental death benefit (ADB)Definition (Estate-management, Insurance, Legal-contracts)
An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
  ➥  A life insurance policy rider.
accommodation lineDefinition (Insurance)
As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
account current (AC)Definition (Insurance)
A ledger summarizing the performance of each agent employed by an insurance company.
  ➥  A monthly or yearly ledger style report provided by an insurer to an insurance agent detailing policies, premiums, commissions, cancellations, and endorsements.
accounts receivable insuranceDefinition (Insurance)
Insurance covering losses due to cash flow problems.
act of god (AOG)Definition (Insurance, Legal-contracts)
When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
activities of daily living (ADL)Definition (Insurance)
Physical activities an average individual is capable of doing on a normal day.
actual ageDefinition (Real-estate, Insurance)
The years since a structure was built. Differs from effective age.
actual cash value (ACV)Definition (Insurance)
The replacement cost of an insured asset with depreciation accounted for.
actuarial tableDefinition (Investments, Insurance, Financial-banking)
A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
actuaryDefinition (Investments, Insurance, Financial-banking)
An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
adequacy of coverageDefinition (Insurance)
An assessment of how well an entity's property and assets are insured against potential losses.
adjusted cost basisDefinition (Insurance, Financial-banking)
The amount paid for an item, plus the amount paid for improvements, minus losses and depreciation. When the owner sells the item, the difference between the sales price and the adjusted cost basis is the profit or loss.
agency (agcy)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
agent (agt)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
aggregate limit of liabilityDefinition (Insurance)
A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.
alien abduction insurance (AAI)Est. 1947, Cosmos
Insurance that covers costs resulting from alien abductions.
  ➥  An extra-terrestrial abduction policy.
annual administrative feeDefinition (Mortgages, Insurance, Financial-banking, Legal-contracts)
An annual (yearly) fee charged for the administration of a service.
approved for reinsuranceDefinition (Insurance)
A company that is certified to provide reinsurance in a certain area.
assetDefinition (Mortgages, Insurance, Financial-banking, Legal-contracts)
Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
assigneeDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
A person appointed to acquire (take) an item, such as a property.
assignorDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
attained ageDefinition (Estate-management, Insurance)
The current age of an insured individual.
automobile liability insuranceDefinition (Automotive, Insurance)
Insurance coverage for damages caused in traffic collisions.
back title letterDefinition (Real-estate, Insurance, Legal-contracts)
A document that a title insurance company gives to an attorney specifying condition of the title.
balance sheet (B/S, BS)Definition (Investments, Insurance, Financial-banking)
A listing of a business' assets, liabilities and ownership equity as of a specific date.
basisDefinition (Investments, Taxation, Insurance, Financial-banking)
That on which a thing rests or is founded.
beneficiaryDefinition (Investments, Estate-management, Annuities, Insurance)
An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
benefit periodDefinition (Insurance)
The total period of time where an insurer is contractually obligated to pay benefits.
best's capital adequacy relativityDefinition (Insurance, Financial-banking)
A percentage used to measure a company's relative capital strength as compared to an industry peer composite.
blanket insuranceDefinition (Insurance)
A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
book valueDefinition (Real-estate, Insurance, Financial-banking, Legal-contracts)
The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
broad form insuranceDefinition (Insurance)
Insurance that covers rare events not normally covered in an existing insurance policy.
broker (Bkr)Definition (Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A person or firm who acts on behalf of another.
broker-agentDefinition (Investments, Insurance, Financial-banking)
An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
burial insuranceDefinition (Estate-management, Insurance)
Insurance that provides coverage for funeral expenses.
business continuation insuranceDefinition (Insurance, Financial-banking)
Insurance that provides coverage in the event that someone integral to the operation of a business dies or becomes disabled.
business crime insuranceDefinition (Insurance)
Insurance that covers losses due to criminal acts perpetrated by customers or employees.
business insuranceDefinition (Insurance)
An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
business interruption insurance (BII)Definition (Insurance)
Insurance that covers losses in business income after an event interrupts business operations.
business life insuranceDefinition (Insurance)
Life insurance that provides coverage in the event that a person key to the operation of a business dies.
business net retentionDefinition (Investments, Insurance, Financial-banking)
A measure of the gross writings retained by a company for their own account.
Canada Deposit Insurance Corporation (CDIC)Company Est.1967, Ottawa, Ontario, Canada
A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
  ➥  Government of Canada federal crown corporation.
captive agentDefinition (Insurance)
An insurance agent who uses a limited number of insurance companies, or a single insurance company, when finding products for their clients.
case managementDefinition (Insurance)
A system where medical services and patient treatments are coordinated by a case manager.
cash surrender value (CSV)Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
The liquid value of an insurance policy if the policyholder voluntarily cancels the policy before maturity or an insured event.
casualtyDefinition (Insurance)
A liability or loss that results from an incident or accident.
casualty and theft lossDefinition (Taxation, Insurance, Financial-banking)
A loss caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or unusual. You can deduct a portion of personal casualty or theft losses as an itemized deduction.
  Currently Displayed — Page 1
Abandonment Clause — Casualty and Theft Loss
  Next Page
Casualty InsuranceCredit Insurance

Search the Glossary

Index of Insurance Terms

Page 1: Abandonment Clause
Casualty and Theft Loss
Page 2: Casualty Insurance
Credit Insurance
Page 3: Credit Life Insurance
Flat Fee
Page 4: Floater Insurance
Insurance Cycle
Page 5: Insurance Fraud
Mortgage Insurance
Page 6: Mortgage Life Insurance
Reinsurance Ceded
Page 7: Reinsurance Recoverables to...
Ultimate Net Loss
Page 8: Umbrella Insurance
Water Damage Legal Liability...
Page 9: Water Exclusion Clause
Yearly Renewable Group Term...

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