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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
Insurance Terms
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Currently Displayed — Page 13 Shipowner's Liability — Total Loss |
Next Page Transferable Insurance... — Vanishing Premium Policy |
- 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.
Previous Page Province of Domicile — Self-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
- Social Insurance Number
- Third-party Administrator
- Survival Analysis
- Surrender Rights
- Surrender Charge
- Term
- Term Life Insurance
- Title Insurance
- Single Interest Insurance
- Title Report
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