Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

accelerated benefit option — Definition (Estate-management, Insurance)

An option that allows the insured to receive insurance benefits before they would ordinarily be available.

accelerated death benefit (ADB) — Definition

An option that allows the insured to receive insurance benefits before they would ordinarily be available.

  ➥  More commonly referred to as a Accelerated Death Benefit Rider (ADBR).

accelerated death benefit rider (ADBR) — Definition

An option that allows the insured to receive insurance benefits before they would ordinarily be available.

accident & sickness (A&S) — Acronym

  ➥  Insurance policy.

accident and indemnity (A&I) — Acronym

  ➥  An insurance liability agreement.

accidental death & disablement (AD&D, ADD) — Acronym

  ➥  A life insurance policy that offers payouts to policyholders and their dependents in the event of an accident causing death or serious impairment.

accidental death & dismemberment (AD&D, ADD) — Definition

Insurance coverage for death or dismemberment (the loss of a body part).

  ➥  A life insurance policy.

accidental death and dismemberment insurance — Definition (Estate-management, Insurance)

Insurance coverage for death or dismemberment (the loss of a body part).

accidental death benefit (ADB) — Definition (Estate-management, Insurance, Legal-contracts)

An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.

  ➥  A life insurance policy rider.

accommodation line — Definition (Insurance)

As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.

account current (AC) — Definition (Insurance)

A ledger summarizing the performance of each agent employed by an insurance company.

  ➥  A monthly or yearly ledger style report provided by an insurer to an insurance agent detailing policies, premiums, commissions, cancellations, and endorsements.

account current value (ACV) — Acronym

  ➥  In relation to retirement annuities.

accountants professional liability (APL) — Acronym

  ➥  Liability insurance program offered to accountants.

accounts receivable insurance — Definition (Insurance)

Insurance covering losses due to cash flow problems.

act of god (AOG) — Definition (Insurance, Legal-contracts)

When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.

actual age — Definition (Real-estate, Insurance)

The years since a structure was built. Differs from effective age.

actuarial table — Definition (Investments, Insurance, Financial-banking)

A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.

actuary — Definition (Investments, Insurance, Financial-banking)

An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.

additional liability insurance (ALI) — Acronym

additional policy benefit (APB) — Acronym

additional premium (A.P., AP) — Acronym

  ➥  Surcharge or complement to an insurance premium.

adequacy of coverage — Definition (Insurance)

An assessment of how well an entity's property and assets are insured against potential losses.

adjusted cost basis — Definition (Insurance, Financial-banking)

The amount paid for an item, plus the amount paid for improvements, minus losses and depreciation. When the owner sells the item, the difference between the sales price and the adjusted cost basis is the profit or loss.

adjusted net worth (ANW) — Acronym

administrative services only (ASO) — Acronym

Advocis Protective Association (APA) — Company, Canada

  ➥  Protects Advocis members by offering comprehensive errors and omissions insurance coverage.

Aetna Life Insurance and Annuity Company (ALIAC) — Company

agency (agcy) — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)

A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.

agent (agt) — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)

A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.

aggregate limit of liability — Definition (Insurance)

A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.

aggregate stop loss (ASL) — Acronym

all other perils (AOP) — Acronym

alternate cash surrender value (ACSV) — Acronym

annual administrative fee — Definition (Mortgages, Insurance, Financial-banking, Legal-contracts)

An annual (yearly) fee charged for the administration of a service.

approved for reinsurance — Definition (Insurance)

A company that is certified to provide reinsurance in a certain area.

asset — Definition (Mortgages, Insurance, Financial-banking, Legal-contracts)

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.

assignee — Definition (Estate-management, Real-estate, Insurance, Legal-contracts)

A person appointed to acquire (take) an item, such as a property.

assignor — Definition (Estate-management, Real-estate, Insurance, Legal-contracts)

Associate in Loss Control Management (ALCM) — United States

Associate of the Insurance Institute of Canada (AIIC) — Canada

  ➥  See Fellow of the Insurance Institute of Canada (FIIC).

Association d'Assurance des Juristes Canadiens (AAJC) — Company, Canada

  ➥  French acronym for Canadian Lawyers Insurance Association.

Association of Home Office Underwriters (AHOU) — Company

Assumption Mutual Life Insurance Company — Company Est.1903, Prince Edward Island, Nova Scotia, New Brunswick, and Quebec, Canada

  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.

attained age — Definition (Estate-management, Insurance)

The current age of an insured individual.

automatic premium loan (APL) — Acronym

An option that prevents a lapse of coverage whereby the insurance company will make a premium payment on your behalf using the cash value of the policy provided there are sufficient funds to draw from.

  ➥  A provision available in some life insurance policies.

Automobile Insurance Rate Board (AIRB) — Company Est.2004, Alberta, Canada

  ➥  Established by the Minister of Treasury Board and Finance Alberta.

automobile liability insurance — Definition (Automotive, Insurance)

Insurance coverage for damages caused in traffic collisions.

Automobile Protection Association (APA) — Company Est.1969, Toronto, Ontario, Canada

back title letter — Definition (Real-estate, Insurance, Legal-contracts)

A document that a title insurance company gives to an attorney specifying condition of the title.

bankers blanket bond (BBB) — Acronym