Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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net premiumDefinition (Insurance)
The total earned by an insurer in insurance premiums, less the agent's commissions.
net premiums written (NPW)Acronym
net single premium (NSP)Acronym
net written premiums (NWP)Acronym
New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC)Bank, New Brunswick, Canada
no-load life insuranceDefinition (Estate-management, Insurance)
A type of life insurance policy that is sold without a commission for the selling agent.
non policy issuance (NPI)Acronym
non-cancellableDefinition (Insurance, Financial-banking, Legal-contracts)
A contract or section of a contract that cannot be modified.
non-forfeiture clauseDefinition (Insurance, Legal-contracts)
A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
non-industrial disability insurance (NDI)Acronym
non-owned disposal site (NODS)Acronym
non-scheduled personal propertyDefinition (Insurance)
Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
North American Professional Liability Insurance Agency (NAPLIA)Company
Nova Scotia Insurance Review Board (NSIRB)Company, Nova Scotia, Canada
  ➥  The responsibility of the Nova Scotia Insurance Review Board to review applications from insurance companies requesting automobile insurance rate changes has been transferred to the Nova Scotia Utility and Review Board (NSUARB).
occurrenceDefinition (Insurance, Legal-contracts)
An event that triggers the need for insurance coverage.
Office of the Superintendent of Financial Institutions (OSFI)Company, Canada
old age survivors and disability (OASD)Acronym
Ombudsman des assurances de personnes (OAP)Company
  ➥  French acronym for OmbudService for Life & Health Insurance (OLHI).
omissions and errors (O&E)Acronym
optional death benefit (ODB)Acronym
Additional insurance riders that can be added to a policy that offer protection against specific circumstances.
original gross premium income (OGPI)Acronym
other party liability (OPL)Acronym
out-of-pocket limitDefinition (Insurance)
A cap on the amount of costs a policyholder will ever need to pay with their own money without receiving benefits.
own-occupation provisionDefinition (Insurance)
Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
owners and contractors protective liability policy (OCP)Acronym
Pacific Blue Cross (PBC)Company, British Columbia, Canada
paid-up additional insuranceDefinition (Insurance)
The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
passenger legal liability (PLL)Acronym
pensions, insurance and financial institutions (PIFI)Alberta, Canada
perilDefinition (Insurance, Legal-contracts)
Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
period of indemnityDefinition (Insurance, Legal-contracts)
The amount of time where insurance benefits are required to be paid by an insurance policy.
permanent disability insurance (PDI)Acronym
permanent health insurance (PHI)Acronym
  ➥  Insurance policy.
permanent life insuranceDefinition (Investments, Estate-management, Insurance)
A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
permanent partial disability (PPD)Acronym
permanent total disability (PTD)Acronym
Personal Financial Planner (PFP)Acronym (Designation)
personal linesDefinition (Insurance)
Property and/or casualty insurance policies of individuals or whole families.
personal premises liability (PPL)Acronym
personal property and casualty (PP&C)Acronym
personal property floater (PPF)Acronym
personal property inventory (PPI)Acronym
personal property inventory form (PPIF)Acronym
personal umbrella policy (PUP)Acronym
Physician Liability Insurance Company (PLICO)Company, United States
point of service planDefinition (Insurance)
A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
policies per equivalent employee (PPE)Acronym
policies-in-force (PIF)Acronym
policyDefinition (Insurance, Financial-banking, Legal-contracts)
An insurance contract.
policy & claims (P&C)Acronym
Previous Page
Loss RatioNet Client Cash Flow
Currently Displayed — Page 10
Net Premium — Policy & Claims
  Next Page
Policy and Re-Insurance...Protection and Indemnity...

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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