- A form of financial protection offered through an insurance policy.
safeguard, assurance, security, protection, backing
Related Terms and Acronyms
- Automobile Liability Insurance — Definition,
- Insurance coverage for damages caused in traffic collisions.
- Concurrent Insurance — Definition,
- Multiple insurance policies that cover the same exposure.
- Conditional Sales Floater — Definition,
- Insurance that covers losses on property sold conditionally or on an instalment plan.
- Coverage Area — Definition,
- A geographical area where travel insurance coverage applies.
- Future Purchase Option — Definition,
- A provision that gives the policyholder the option to purchase additional insurance coverage at a future date.
- Health Insurance (HI) — Acronym,
- Insurance that covers the costs of medical expenses for insured persons.
- Impaired Insurer — Definition,
- An insurance company that is financially insolvent or illiquid and in risk of being unable to pay insurance claims.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Non-Scheduled Personal Property — Definition,
- Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
- Occurrence — Definition,
- An event that triggers the need for insurance coverage.
- Paid-up Additional Insurance — Definition,
- The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
- Policy Declarations — Definition,
- The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
- Travel Insurance — Definition, Very Important,
- Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
- Uninsured Motorist Coverage — Definition,
- Auto insurance that covers collision damages caused by a driver without auto insurance.
- Utilization — Definition,
- How frequently a policyholder makes use of their insurance policy.