Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

shipowner's liability (SMP) — Acronym

short term disability (STD) — Acronym

An injury or illness that prevents a person from working for only a short time.

short-term disability insurance (STDI) — Acronym

significant activities of daily living (SADL) — Acronym

single interest insurance — Definition (Insurance)

Insurance that covers a single party when more than one party has a stake in a property.

single premium variable life (SPVL) — Acronym

single-premium life insurance — Definition (Estate-management, Insurance)

Life insurance where all premiums are paid up front in a single lump sum payment.

small business insurance policy (SBIP) — Acronym

social insurance number (SIN) — Canada

Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.

  ➥  A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.

social security disability insurance benefits (SSDIB) — Acronym

Societé d'Assurances-Dépôts du Canada (SADC) — Company, Canada

  ➥  French acronym for Canadian Deposit Insurance Corporation.

Society of Chartered Property and Casualty Underwriters (SCPCU) — Acronym (Designation)

Southwestern Ontario Underwriters Club (SOWC) — Company, Ontario, Canada

special multiple-peril (SMP) — Acronym

spin-life — Definition (Investments, Estate-management, Insurance)

A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.

sprinkling provision — Definition (Estate-management, Insurance, Financial-banking)

A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.

standard automotive insurance — Definition (Automotive, Insurance)

Auto insurance that covers those with average driving records.

standard flood insurance policy (SFIP) — Acronym

standard policy form (SPF) — Acronym

standard renewal discount (SRD) — Acronym

standardized mortality ratio (SMR) — Acronym

  ➥  Used in the study of occupational mortality.

statutory liability — Definition (Insurance, Legal-contracts)

Liability that is assigned by law and is not open for interpretation.

stock insurance company — Definition (Investments, Insurance)

An insurance company with multiple stockholders each owning shares in the corporation.

stop loss insurance — Definition (Insurance)

A low premium, high deductible insurance policy with an upper limit on coverage.

stranger originated life insurance (STOLI) — Definition (Investments, Estate-management, Insurance)

A life insurance policy purchased by someone without any insurable interests with the insured person.

  ➥  Illegal in many Canadian provinces.

subrogation — Definition (Insurance, Legal-contracts)

When an insurance company has the right to take legal action against a third party for damages.

substandard insurance — Definition (Insurance)

Insurance for those who are ineligible for standard insurance due to higher risk profiles.

substitution of vehicle (SOV) — Acronym

successive periods — Definition (Insurance)

When multiple hospital stays are considered as one when the stays are a result of, or are related to, a single medical condition.

Supplementary Death Benefit (SDB) — Canada

supplementary liability insurance (SLI) — Acronym

surrender charge — Definition (Estate-management, Annuities, Insurance, Legal-contracts)

A charge levied when a life insurance policyholder cancels his or her policy.

surrender charge notice (SCN) — Acronym

surrender rights — Definition (Estate-management, Annuities, Insurance, Legal-contracts)

The contractual right for a life insurance or annuity policyholder to cancel his or her policy.

survival analysis — Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)

A statistical analysis of how likely someone or something will survive to a set date.

systemic vascular resistance (SVR) — Acronym

  ➥  Blood pressure measurement.

temporary disability insurance (TDI) — Acronym

temporary insurance agreement (TIA) — Acronym

temporary total disability (TTD) — Acronym

term — Definition (Investments, Mortgages, Insurance, Financial-banking, Legal-contracts)

The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.

term life insurance — Definition (Estate-management, Insurance)

Life insurance that provides coverage for a set period of time, often from five to forty years.

third party liability insurance (TPLI) — Acronym

third-party administrator (TPA) — Definition (Insurance, Financial-banking)

A claims administrator that is hired to process insurance claims and/or employee benefits for another party.

title binder — Definition (Insurance)

Insurance that covers both the buyer and seller of a property until the property has sold.

title insurance — Definition (Real-estate, Insurance)

Insurance that covers title defects and ownership challenges on a property.

title report — Definition (Mortgages, Real-estate, Insurance, Legal-contracts)

A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."

total admitted assets — Definition (Insurance)

What assets an insurance company is legally allowed to include when determining its financial solvency.

total disability waiver of premium (TDWP) — Acronym

total insurable value (TIV) — Acronym

total loss (Ltot, TL) — Definition (Insurance)

When as asset is considered to be damaged beyond repair.