Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

variable adjustable life insurance (VAL) — Acronym

variable death benefit — Definition (Investments, Estate-management, Insurance)

A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.

variable life (VL) — Definition

Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.

  ➥  An insurance policy.

variable life insurance (VLI) — Definition (Estate-management, Insurance)

Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.

variable universal life insurance (VULI) — Definition (Estate-management, Taxation, Insurance)

A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.

variable whole life (VWL) — Acronym

viatical settlement — Definition (Investments, Estate-management, Insurance)

A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.

viator — Definition (Investments, Estate-management, Insurance)

A person who agrees to sell his or her life insurance policy to a third party.

voluntary accidental death and dismemberment (VADD) — Acronym

  ➥  A life insurance benefit that applies to an employee and their family.

voluntary disability insurance (VDI) — Acronym

voluntary life insurance — Definition (Estate-management, Insurance, Financial-banking)

Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.

voluntary long-term disability insurance (VLTD) — Acronym

voluntary plan disability insurance (VPDI) — Acronym

voluntary reserve — Definition (Insurance)

A reserve kept by an insurer for future claims that is larger than is required by government regulations.

voyage policy — Definition (Insurance)

Insurance that covers assets being transported by sea.

waiting period — Definition (Insurance, Financial-banking, Legal-contracts)

The amount of time that must pass before something occurs.

waiver of inventory — Definition (Insurance, Legal-contracts)

An option for an insurance company to choose not to inventory undamaged assets after a claim.

waiver of premium — Definition (Insurance, Legal-contracts)

A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.

waiver of restoration premium — Definition (Insurance, Legal-contracts)

A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.

water damage insurance — Definition (Insurance, Legal-contracts)

Insurance that covers water damage to insured property.

water damage legal liability insurance — Definition (Insurance)

Insurance that covers policyholders for liability from water damage to another party's property.

water exclusion clause — Definition (Insurance, Legal-contracts)

A provision that gives an insurer the option to deny coverage for certain kinds of water damage.

watercraft non-owned insurance — Definition (Insurance)

Insurance that covers damages to watercraft not owned by the policyholder.

wear and tear exclusion — Definition (Insurance, Legal-contracts)

A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.

whole life (WL) — Definition

Permanent life insurance with level premiums for the policyholder's entire lifetime.

  ➥  A life insurance policy.

whole life insurance — Definition (Estate-management, Taxation, Insurance)

Permanent life insurance with level premiums for the policyholder's entire lifetime.

wholesale insurance — Definition (Insurance)

A form of insurance used by small businesses to provide benefits for employees.

windstorm insurance — Definition (Insurance)

Insurance that covers damages resulting from windstorms.

winter range form — Definition (Insurance)

Insurance that covers damages to animals and livestock due to winter weather.

with particular average (WPA) — Acronym

with-profits policy — Definition (Estate-management, Insurance)

Insurance that pays the policyholder a portion of the insurer's profits.

without evidence of insurability — Definition (Insurance)

Applying for insurance coverage without the insurer requiring the individual to take a medical examination.

wool growers floater — Definition (Insurance)

Insurance that covers those who own, store, or transport sheep and wool.

work and materials clause — Definition (Insurance, Legal-contracts)

A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.

workers compensation (W/C) — Acronym

Workers Compensation Board (WCB) — Company, Canada

Workers Safety and Insurance Board (WSIB) — Company

Workplace Safety and Insurance Act (WSIA) — Ontario, Canada

  ➥  Administrated by the Workplace Safety and Insurance Board (WSIB).

Workplace Safety and Insurance Board (WSIB) — Company, Ontario, Canada

The WSIB is responsible for administering the Workplace Safety and Insurance Act (WSIA), Ontario’s no-fault workplace insurance for employers and their workers.

world insurance — Definition (Insurance)

Insurance that provides coverage worldwide.

wrap-up insurance — Definition (Insurance)

Liability insurance that covers workers on large-scale construction projects.

yacht damage waiver (YDW) — Acronym

yacht insurance — Definition (Insurance)

Insurance that covers yacht and pleasure boat owners for damages and liability.

yearly price protection method — Definition (Investments, Insurance, Financial-banking)

A calculation used to determine the annual cost of protection for insurance policies with savings components.

yearly probability of dying — Definition (Insurance)

The likelihood that an individual of a certain age and gender will die within a year.

yearly probability of living — Definition (Insurance)

The likelihood that an individual of a certain age and gender will still be alive after a year has passed.

yearly renewable group term insurance — Definition (Insurance)

A group insurance policy that is annually reviewed to keep premiums manageable.

yearly renewable term (YRT) — Acronym