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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Insurance Policy

Synonyms:indemnity contract, insurance contract
Filed Under: insurance
Tags: insurance

Definition of insurance policy

insurance policy
1. A contract between an insurer and an insured entity that outlines the range of liabilities the insurer agrees to cover and what benefits the policyholder is entitled to receive under the terms of the contract. The policy details the circumstances in which the insured party is entitled to file claims to receive benefits. The policy will include all riders, clauses and other matters as it pertains to the policy.

Related Terms and Acronyms:

  • accidental death benefit (ADB)   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.
  • insurance broker   An agent who sells insurance policies.
  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • insurance cycle   A cycle of soft and hard market conditions observed in the insurance and underwriting industry.
  • insurance renewal   Extending the term length on an insurance policy.
  • insurance score   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.
  • life 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.
  • rider   Additional insurance coverage that can added onto another insurance policy.
  • transferable insurance policy   A life insurance policy that can be sold to another party through a viatical settlement.
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.

More Related Terms and Acronyms

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