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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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policy and re-insurance system (PARIS)Acronym
policy data query (PDQ)Acronym
policy declarationsDefinition (Insurance, Legal-contracts)
The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
policy delivery receipt (PDR)Acronym
policy illustrationDefinition (Insurance)
An outline of how a policy will perform under various conditions over a period of time.
policy issuance (PI)Acronym
policy issuance entry (PIE)Acronym
policy loanDefinition (Estate-management, Insurance, Financial-banking)
A loan where a life insurance policyholder's death benefit is used as collateral.
policy master record (PMR)Acronym
policy number (POLNO)Acronym
policy projection (PPR)Acronym
policy proof of interest (PPI)Acronym
policy protection class (PPC)Acronym
policy rating factor (PRF)Acronym
policy rating history (PRH)Acronym
policy renewal notice (PRN)Acronym
policy service (PS)Acronym
policy service office (PSO)Acronym
policy status record (PSR)Acronym
policy transactions (PT)Acronym
policyholder dividend ratioDefinition (Insurance)
A ratio comparing the dividends paid to policyholders to net premiums earned by the insurer.
policyholder surplusDefinition (Insurance)
A method of determining an insurance company's relative financial strength by finding the difference between the company's assets and liabilities.
policyholder surplus accounts (PSA)Acronym
pollution and remediation legal liability (PARLL)Acronym
  ➥  Insurance policy.
pre-existing condition (PRE-X)Definition (Insurance)
A medical condition that's occurrence precedes the writing of an insurance policy.
pre-existing condition insurance plan (PCIP)Acronym
pre-paid expensesDefinition (Mortgages, Real-estate, Taxation, Insurance, Financial-banking)
also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
pre-paid insuranceDefinition (Insurance)
A insurance policy where insurance premiums are all paid in advance, normally offered in one year terms.
preferred autoDefinition (Automotive, Insurance)
Auto insurance for those with better driving records.
premiumDefinition (Insurance, Financial-banking)
A payment made to an insurance company for insurance coverage.
premium balancesDefinition (Insurance)
A ledger kept by insurance companies recording insurance premiums.
premium-to-surplus ratioDefinition (Insurance)
A method used to determine an insurance company's financial stability.
premiums writtenDefinition (Insurance)
A sum of the premiums from all the policies that a company has written in a given period of time.
primary care physicianDefinition (Insurance)
A doctor who administers or arranges the majority of an individual's health care needs.
principal, interest, taxes, and insurance (PITI)Definition (Mortgages, Taxation, Insurance, Financial-banking)
Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
private health insurance (PHI)Acronym
private healthcareDefinition (Taxation, Insurance, Financial-banking)
Health services no provided by the government, often paid out of pocket.
private mortgage insurance (PMI)Acronym
private placement variable universal life insurance (PPVUL)Acronym
private-passenger auto insurance policyholder risk profileDefinition (Automotive, Insurance)
A system for sorting drivers by their driving records and how likely they are to cause a loss for an insurance company.
product liability insurance (PLI)Acronym
professional indemnity insurance (PII)Definition
A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
  ➥  More commonly referred to as professional liability insurance.
professional liability (PL)Definition
Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
  ➥  An Insurance policy.
professional liability insurance (PLI)Definition (Insurance, Financial-banking)
Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
project management protective liability (PMPL)Acronym
property and casualty insurance (P&C)Acronym
Property and Casualty Insurance Compensation Corporation (PACICC)Acronym
property insuranceDefinition (Insurance)
Insurance that provides coverage for damages to property from a number of perils.
protection and indemnity (PANDI)Acronym
  ➥  Commonly known as P&I insurance.
protection and indemnity insurance (P&I)Acronym
  ➥  Liability insurance.
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Search the Glossary

Index of Insurance Terms

Page 1: Accelerated Benefit Option
Bankers Blanket Bond
Page 2: Basis
Chartered Life Underwriter
Page 3: Chartered Property and...
Contractual Liability...
Page 4: Contributory Negligence
Driver's Fatal Accident...
Page 5: Duplicate Policy
Flood Insurance Rate Map
Page 6: Flood Insurance Study
High Risk Auto Insurance
Page 7: Home Care
Insurance Proceeds
Page 8: Insurance Proceeds Not...
Loss Payee
Page 9: Loss Ratio
Net Client Cash Flow
Page 10: Net Premium
Policy & Claims
Page 11: Policy and Re-Insurance...
Protection and Indemnity...
Page 12: Province of Domicile
Self-Selection Bias
Page 13: Shipowner's Liability
Total Loss
Page 14: Transferable Insurance...
Vanishing Premium Policy
Page 15: Variable Adjustable Life...
Yearly Renewable Term

Notable Terms

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