Terms with Category Insurance

  • Mis-selling Definition,
    • The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • Monetary Value Definition,
    • A property's monetary value is its worth if sold at this moment in time.
  • Morbidity Rate Definition,
    • A measurement of how prevalent a medical condition or disease is.
  • Mortality and Expense Risk Charge Definition,
    • A charge sometimes applied to reimburse an insurer for the risks in a policy.
  • Mortality Rate Definition,
    • A measurement of how many people in a particular population set and in a particular period of time die.
  • Mortgage Disability Insurance Definition, Important,
    • Insurance that covers mortgage payments if a policyholder becomes disabled.
  • Mortgage Insurance Definition, Very Important,
    • Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
    • A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
    CanEquity offers mortgage insurance.
  • Mortgage Life Insurance Definition, Very Important,
    • Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
  • Multiline Insurance Policy Definition,
    • A combination of different insurance policies that are rolled into a single insurance policy.
  • Mutual Insurance Company Definition,
    • An insurance company where the each policyholder is a part owner of the company.
  • Named Perils Definition,
    • Risks that are specifically listed as being covered in an insurance policy.
  • Named Perils Insurance Policy Definition,
    • Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
  • Needs Approach Definition,
    • A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
  • Net Premium Definition,
    • The total earned by an insurer in insurance premiums, less the agent's commissions.
  • No-Load Life Insurance Definition,
    • A type of life insurance policy that is sold without a commission for the selling agent.
  • Non-Cancellable Definition,
    • A contract or section of a contract that cannot be modified.
  • Non-Forfeiture Clause Definition,
    • A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
  • Non-Scheduled Personal Property Definition,
    • Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
  • Occurrence Definition,
    • An event that triggers the need for insurance coverage.
  • Out-of-Pocket Limit Definition,
    • A cap on the amount of costs a policyholder will ever need to pay with their own money without receiving benefits.
  • Own-Occupation Provision Definition,
    • Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
  • Paid-up Additional Insurance Definition,
    • The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
  • Peril Definition,
    • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • Period of Indemnity Definition,
    • The amount of time where insurance benefits are required to be paid by an insurance policy.
  • Permanent Life Insurance Definition,
    • A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
  • Personal Lines Definition,
    • Property and/or casualty insurance policies of individuals or whole families.
  • Personal Property (PP) Acronym,
    • Property that is movable and not permanently attached to a dwelling or structure.
  • Point of Service Plan Definition,
    • A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
  • Policy Definition,
    • A set of rules or guidelines.
    • An insurance contract.
  • Policy Declarations Definition,
    • The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
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