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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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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 insuranceDefinition (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 insuranceDefinition (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-lifeDefinition (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 provisionDefinition (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 insuranceDefinition (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 liabilityDefinition (Insurance, Legal-contracts)
Liability that is assigned by law and is not open for interpretation.
stock insurance companyDefinition (Investments, Insurance)
An insurance company with multiple stockholders each owning shares in the corporation.
stop loss insuranceDefinition (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.
subrogationDefinition (Insurance, Legal-contracts)
When an insurance company has the right to take legal action against a third party for damages.
substandard insuranceDefinition (Insurance)
Insurance for those who are ineligible for standard insurance due to higher risk profiles.
substitution of vehicle (SOV)Acronym
successive periodsDefinition (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 chargeDefinition (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 rightsDefinition (Estate-management, Annuities, Insurance, Legal-contracts)
The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
survival analysisDefinition (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
termDefinition (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 insuranceDefinition (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 binderDefinition (Insurance)
Insurance that covers both the buyer and seller of a property until the property has sold.
title insuranceDefinition (Real-estate, Insurance)
Insurance that covers title defects and ownership challenges on a property.
title reportDefinition (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 assetsDefinition (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.
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Province of DomicileSelf-Selection Bias
 
Currently Displayed — Page 13
Shipowner's Liability — Total Loss
  Next Page
Transferable Insurance...Vanishing Premium Policy

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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