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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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Transferable Insurance...Vanishing Premium Policy
 
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Variable Adjustable Life... — Yearly Renewable Term
 
variable adjustable life insurance (VAL)Acronym
variable death benefitDefinition (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 settlementDefinition (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.
viatorDefinition (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 insuranceDefinition (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 reserveDefinition (Insurance)
A reserve kept by an insurer for future claims that is larger than is required by government regulations.
voyage policyDefinition (Insurance)
Insurance that covers assets being transported by sea.
waiting periodDefinition (Insurance, Financial-banking, Legal-contracts)
The amount of time that must pass before something occurs.
waiver of inventoryDefinition (Insurance, Legal-contracts)
An option for an insurance company to choose not to inventory undamaged assets after a claim.
waiver of premiumDefinition (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 premiumDefinition (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 insuranceDefinition (Insurance, Legal-contracts)
Insurance that covers water damage to insured property.
water damage legal liability insuranceDefinition (Insurance)
Insurance that covers policyholders for liability from water damage to another party's property.
water exclusion clauseDefinition (Insurance, Legal-contracts)
A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
watercraft non-owned insuranceDefinition (Insurance)
Insurance that covers damages to watercraft not owned by the policyholder.
wear and tear exclusionDefinition (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 insuranceDefinition (Estate-management, Taxation, Insurance)
Permanent life insurance with level premiums for the policyholder's entire lifetime.
wholesale insuranceDefinition (Insurance)
A form of insurance used by small businesses to provide benefits for employees.
windstorm insuranceDefinition (Insurance)
Insurance that covers damages resulting from windstorms.
winter range formDefinition (Insurance)
Insurance that covers damages to animals and livestock due to winter weather.
with particular average (WPA)Acronym
with-profits policyDefinition (Estate-management, Insurance)
Insurance that pays the policyholder a portion of the insurer's profits.
without evidence of insurabilityDefinition (Insurance)
Applying for insurance coverage without the insurer requiring the individual to take a medical examination.
wool growers floaterDefinition (Insurance)
Insurance that covers those who own, store, or transport sheep and wool.
work and materials clauseDefinition (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 insuranceDefinition (Insurance)
Insurance that provides coverage worldwide.
wrap-up insuranceDefinition (Insurance)
Liability insurance that covers workers on large-scale construction projects.
yacht damage waiver (YDW)Acronym
yacht insuranceDefinition (Insurance)
Insurance that covers yacht and pleasure boat owners for damages and liability.
yearly price protection methodDefinition (Investments, Insurance, Financial-banking)
A calculation used to determine the annual cost of protection for insurance policies with savings components.
yearly probability of dyingDefinition (Insurance)
The likelihood that an individual of a certain age and gender will die within a year.
yearly probability of livingDefinition (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 insuranceDefinition (Insurance)
A group insurance policy that is annually reviewed to keep premiums manageable.
yearly renewable term (YRT)Acronym
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Transferable Insurance...Vanishing Premium Policy
 
Currently Displayed — Page 15
Variable Adjustable Life... — Yearly Renewable Term
 

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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