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Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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BasisChartered Life...
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chartered property and casualty underwriterDefinition (Insurance)
A designation for professionals working in the property and casualty insurance and/or risk management fields.
Chartered Property Casualty Underwriter (CPCU)Acronym (Designation)
claimDefinition (Insurance, Financial-banking, Legal-contracts)
A creditor's assertion of a right to payment from a debtor or the debtor's property.
claims adjusterDefinition (Insurance)
An individual who ascertains the insurer's liability after an insurance claim has been made.
clean sheetingDefinition (Insurance)
A type of insurance fraud where an individual deliberately fails to disclose a pre-existing condition in order to receive coverage, sometimes with the help of an insurance broker.
clear-space clauseDefinition (Insurance, Legal-contracts)
A clause that requires insured property to be located a minimum distance from surrounding property.
closing costsDefinition (Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
co-insuranceDefinition (Insurance)
Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
collateral source ruleDefinition (Insurance, Legal-contracts)
In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
collision insuranceDefinition (Automotive, Insurance)
Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
combined ratio after policyholder dividendsDefinition (Insurance)
A method of measuring the profitability of an insurance company's underwriting.
combined single limit (CSL)Acronym
  ➥  Total coverage limit for an insurance policy stated as a single amount.
commercial blanket bondDefinition (Insurance, Financial-banking)
Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
commercial forgery policyDefinition (Insurance, Financial-banking)
Insurance that protects businesses from losses due to them unknowingly accepting forged or counterfeit checks as payment.
commercial general liability insurance (CGLI)Acronym
commercial linesDefinition (Insurance)
A broad term referring to insurance policies for professionals, businesses, and other commercial establishments.
commercial lines coverage specialist (CLCS)Acronym
commercial multiple peril insuranceDefinition (Insurance)
Insurance policies that provide businesses coverage for more than one named peril.
commercial package policy (CPP)Acronym
commercial property floaterDefinition (Insurance)
Insurance that provides coverage for property that is not fixed to one single location.
commercial property insuranceDefinition (Insurance)
Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
commission (comm)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation)
A fee paid to a salesperson for selling a product to a customer.
commissioners' reserve valuation methodDefinition (Investments, Annuities, Insurance, Financial-banking)
A method used to determine the minimum statutory reserves for annuities and insurance products.
Committee on Life Insurance Financial Reporting (CLIFR)Canada
commutationDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
comparative mortality figure (CMF)Acronym
  ➥  Used in the study of occupational mortality.
comparative negligenceDefinition (Insurance, Legal-contracts)
The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
completed operations insuranceDefinition (Insurance)
Insurance that provides protection against liability after contractual obligations have ended.
completion bondDefinition (Insurance)
Insurance purchased to make sure that an important project is completed, even if something unexpected happens, financial or otherwise.
comprehensive general liability (CGL)Acronym
comprehensive insuranceDefinition (Automotive, Insurance)
Auto insurance that covers damages not resulting from a collision, and for vehicle theft.
comprehensive liability transfer agreement (CLTA)Acronym
comptrollerDefinition (Insurance, Financial-banking)
An individual who oversees and audits the financial reporting and accounting of an organization.
computer liability insurance coverage (CLIC)Acronym
concealmentDefinition (Insurance)
The act of lying or omitting information when applying for insurance coverage.
concurrent causationDefinition (Insurance)
If there is more than one cause of damage in an insurance claim and one cause is covered while the other is not, the insurer is obligated to cover the loss.
concurrent insuranceDefinition (Insurance)
Multiple insurance policies that cover the same exposure.
concurrent periodsDefinition (Insurance)
When a patient requires treatment for more than one ailment at a time, all insurance benefits are paid together.
conditional sales floaterDefinition (Insurance)
Insurance that covers losses on property sold conditionally or on an instalment plan.
condominium legal liability (CLL)Acronym
confining conditionDefinition (Insurance)
Any medical condition that forces an individual to stay confined to a single location.
consequential lossDefinition (Insurance)
The financial loss that occurs due to an entity's inability to use an asset or property.
consignment insuranceDefinition (Insurance)
Insurance for assets on loan, consignment, in transfer of ownership, or up for auction.
constructive total loss only (CTLO)Acronym
contingent beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A beneficiary who only receives his or her benefit when specific conditions have been met.
contingent liabilityDefinition (Insurance, Legal-contracts)
A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
contingent liability program (CLP)Acronym
contract holderDefinition (Investments, Real-estate, Insurance, Financial-banking, Legal-contracts)
The entity that holds the rights to a obligation or debt.
contractor controlled insurance policy (CCIP)Acronym
contractual liability insurance policy (CLIP)Acronym
Previous Page
BasisChartered Life...
Currently Displayed — Page 3
Chartered Property and... — Contractual Liability...
  Next Page
Contributory NegligenceDriver's Fatal Accident...

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

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