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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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insurance proceeds not taxable (IPNT)Acronym
insurance renewalDefinition (Insurance)
Extending the term length on an insurance policy.
insurance scoreDefinition (Insurance, Financial-banking)
A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
insured valueDefinition (Insurance)
What an insurer will pay to replace an insured asset.
integrated stop loss (ISL)Acronym
interest-crediting methodsDefinition (Investments, Insurance, Financial-banking)
A number of methods used to establish how interest is accrued, owed and dispersed to the parties due.
inventoryDefinition (Insurance, Financial-banking)
Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
irrevocable beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
irrevocable life insurance trust (ILIT)Acronym
issue ageDefinition (Insurance)
The policyholder's age when the policy was first issued, to the nearest year.
issuerDefinition (Investments, Insurance, Financial-banking)
A legal entity that develops, registers, and sells securities including stocks, bonds and derivatives.
kidnap and ransom insuranceDefinition (Insurance, Financial-banking)
Insurance that covers expenses involved if an individual is kidnapped and ransom payments are made.
kidnapping and ransom (K&R, KR)Acronym
  ➥  Travel insurance policy.
lapse ratioDefinition (Insurance)
A ratio that compares how many life insurance policies have lapsed from the beginning year to the end.
lapsed policyDefinition (Insurance)
A policy that is no long in effect due to missed payments, inaction or its term ending.
late payment offer (LPO)Acronym
Lawyers' Professional Indemnity Company (LPIC)Company Est.1990, Canada
legal reserveDefinition (Insurance)
The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
lender paid mortgage insurance (LPMI)United States
  ➥  A US mortgage term.
lender's mortgage insurance (LMI)United States
level cost of insurance (LCOI)Acronym
level term income for disability (LTID)Acronym
level-premium insuranceDefinition (Insurance)
Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
liabilityDefinition (Insurance, Legal-contracts)
A situation where one party is found to be legally responsible for something.
liability adequacy test (LAT)Acronym
liability adjustment factor (LAF)Acronym
liability insuranceDefinition (Insurance, Financial-banking)
Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
liability insurance supplement (LIS)Acronym
life & health (L&H)Acronym
life insuranceDefinition (Investments, Estate-management, Insurance)
An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥  CanEquity offers life insurance.
Life Insurance Institute of Canada (LIIC)Company, Canada
  ➥  See Insurance Institute of Canada (IIC).
life insurance policy (LIP)Acronym
life insurance trust (LIT)Definition (Investments, Estate-management, Taxation, Insurance)
A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
Life License Qualification Program (LLQP)Canada
  ➥  Prerequisite for provincial insurance regulator's licensing exam.
life policy (LP)Acronym
  ➥  An insurance policy.
Life Underwriters Association of Canada (LUAC)Company, Canada
limit of indemnity (LOI)Acronym
living benefitsDefinition (Estate-management, Insurance)
The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
Lloyd's of LondonCompany
A market for insurance and reinsurance based in London, England where Lloyd's members, underwriters and financial backers can spread and share risk.
lloyd's syndicatesDefinition (Investments, Insurance, Financial-banking)
A group of Lloyd's of London underwriters.
long term care insurance (LTC)Definition (Insurance)
Insurance that covers health care costs for individuals with chronic or disabling conditions.
long term disability (LTD)Acronym
long term disability insurance (LTDI)Acronym
Long Term Disability Insurance Plan (LTDIP)Canada
long term disability plan (LTDP)Acronym
long term income disability (LTID)Acronym
loss controlDefinition (Insurance)
The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
loss control representative (LCR)Acronym
loss payable clauseDefinition (Insurance, Legal-contracts)
An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
loss payeeDefinition (Insurance)
An entity that is legally entitled to the benefits of an insurance claim.
Previous Page
Home CareInsurance Proceeds
 
Currently Displayed — Page 8
Insurance Proceeds Not... — Loss Payee
  Next Page
Loss RatioNet Client Cash Flow

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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