Canadian Licensing Info: Alberta Mortgage #MW-0511205,
BC Mortgage #X028169, FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
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GLOSSARY

Canadian Mortgage, Insurance and Financial Glossary

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Abandonment — Accounts Receivable/Accounts...
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abandonmentDefinition
A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
abandonment clauseDefinition
A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
absolute priority rule (APR) — Acronym
A rule where creditors get paid before a shareholder on outstanding debts or claims when liquidating or reorganizing a company.
  ➥  In relation to creditor claims.
absolute return (AR) — Acronym, Important
A strategy to obtain positive returns on an investment portfolio regardless of market conditions.
  ➥  In relation to assets and portfolios.
abstract of judgementDefinition
A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.
abstract of title (ab)Definition
A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
  ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
accelerated benefit optionDefinition
An option that allows the insured to receive insurance benefits before they would ordinarily be available.
accelerated death benefit (ADB)Definition
An option that allows the insured to receive insurance benefits before they would ordinarily be available.
  ➥  More commonly referred to as a Accelerated Death Benefit Rider (ADBR).
accelerated death benefit rider (ADBR)Definition
An option that allows the insured to receive insurance benefits before they would ordinarily be available.
acceleration clauseDefinition
A provision within a document that explains how the lender expects payment for a loan, in due haste.
acceptanceDefinition
A property seller's formal, written approval of a buyer's offer.
accident & sickness (A&S) — Acronym, Important
  ➥  Insurance policy.
accidental damage waiver (ADW) — Acronym
accidental death & disablement (AD&D, ADD) — Acronym
  ➥  A life insurance policy that offers payouts to policyholders and their dependents in the event of an accident causing death or serious impairment.
accidental death & dismemberment (AD&D, ADD)Definition
Insurance coverage for death or dismemberment (the loss of a body part).
  ➥  A life insurance policy.
accidental death and dismemberment insuranceDefinition
Insurance coverage for death or dismemberment (the loss of a body part).
accidental death benefit (ADB)Definition, Very Important
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
As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
account agreementDefinition
An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
account current (AC)Definition, Very Important
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.
accountants professional liability (APL) — Acronym
  ➥  Liability insurance program offered to accountants.
accounting methodDefinition
The method used by a business or individual to keep records. Most individuals and small businesses use the cash method, although businesses that maintain inventory are required to use the accrual method. See also "Accrual Method" or "Cash Method."
accounting period (AP)Definition, Important
The time period used in a set of accounting books or financial statements, often 12 months.
accounting rate of interest (ARI) — Acronym
accounts payable (A/P, AP)Definition
Money owed by a business for goods and services received.
accounts payable system (APS) — Acronym
accounts receivable (A/R, AR)Definition, Important
Money owed to a business by purchasers of goods and/or services.
accounts receivable conversion (ARC) — Acronym, Important
Conversion of paper cheques to Automated Clearing House (ACH) debits.
accounts receivable insuranceDefinition
Insurance covering losses due to cash flow problems.
accounts receivable/accounts payable (AR/AP) — Acronym
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Abandonment — Accounts Receivable/Accounts...
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Accredited Mortgage...Additional Principal...

Search the Glossary

Index for The Letter 'a'

Page 1: Abandonment
Accounts Receivable/Accounts...
Page 2: Accredited Mortgage Broker
Additional Principal Payment
Page 3: Additional Property
Aggregate Limit of Liability
Page 4: Aggregate Stop Loss
Amenities
Page 5: American Depositary Receipt
Annuitization
Page 6: Annuitization Options
As is Where is
Page 7: Asbestos
ATM Surcharge
Page 8: Attached
Aviation Easement

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