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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
Insurance Terms
Previous Page Transferable Insurance... — Vanishing Premium Policy |
Currently Displayed — Page 15 Variable Adjustable Life... — Yearly Renewable Term |
- 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
Previous Page 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
- Whole Life
- Variable Universal Life Insurance
- Wholesale Insurance
- Windstorm Insurance
- Whole Life Insurance
- Variable Death Benefit
- With-Profits Policy
- Wear and Tear Exclusion
- Work and Materials Clause
- Yearly Price Protection Method
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