Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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transferable insurance policyDefinition (Estate-management, Insurance)
A life insurance policy that can be sold to another party through a viatical settlement.
travel insuranceDefinition (Insurance)
Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
tuition insuranceDefinition (Insurance)
Insurance that covers tuition costs if a student is required to leave school in the middle of a semester.
two year income for disability (2YID)Acronym
two-tier healthcareDefinition (Taxation, Insurance, Financial-banking, Legal-contracts)
A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
ultimate mortality tableDefinition (Insurance)
A mortality table that does not include information from people who have been approved for life insurance recently.
ultimate net loss (UNL)Definition (Insurance)
The final sum that an insurer is required to pay a policyholder after they have filed a valid claim.
umbrella insuranceDefinition (Insurance)
Insurance used to cover different types of property in a single policy.
unaffiliated investmentsDefinition (Investments, Insurance, Financial-banking)
Investments in assets made by an insurance company where they have no control over the assets.
unallocated benefitDefinition (Insurance)
A requirement for health insurance policyholders to pay reasonable hospital expenses out of pocket to a certain limit.
unallocated loss adjustment expense (ULAE)Acronym
unauthorized insuranceDefinition (Insurance)
A fraud where a scammer sells a victim an insurance policy that doesn't exist.
underinsuranceDefinition (Insurance)
When the amount of insurance coverage on an asset is less than the asset's full value.
underinsured motorist coverageDefinition (Automotive, Insurance)
Auto insurance that covers damages when the other driver in a collision is at fault but does not have sufficient insurance coverage.
underlying mortality assumptionDefinition (Insurance)
A measurement of death rates that is used to estimate pension obligations and insurance premiums.
underlying retentionDefinition (Insurance)
The liability an insurance company still retains after ceding liability to a reinsurer.
underwriterDefinition (Investments, Mortgages, Insurance, Financial-banking)
An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
underwriters associationDefinition (Insurance, Financial-banking)
A group of underwriters in a specific field who join together to maintain professional standards.
Underwriters Association of Winnipeg (UAW)Company Est.1988, Winnipeg, Manitoba, Canada
underwriting (UW)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
underwriting expensesDefinition (Investments, Mortgages, Insurance, Financial-banking)
The expenses accumulated by an insurance company while underwriting a product.
underwriting guideDefinition (Mortgages, Insurance, Financial-banking)
The rules and guidelines an underwriter must follow while writing policies.
underwriting incomeDefinition (Investments, Mortgages, Insurance, Financial-banking)
The income earned by an insurer from underwriting in a certain amount of time.
underwriting riskDefinition (Investments, Mortgages, Insurance, Financial-banking)
The total amount of risk an entity takes on from underwriting something.
unearned premiumDefinition (Insurance)
Premiums that have not yet been collected from an insurance policy.
unearned premium reserve (UPR)Acronym
unemployment compensation disability insurance (UCDI)Acronym
unemployment insurance (UI)Canada
  ➥  See also Employment Insurance (EI).
unfair claims practiceDefinition (Insurance)
The act of an insurance company avoiding or reducing valid insurance claims.
uninsurable perilDefinition (Insurance)
Something that cannot be insured due to a high risk of loss.
unisex legislationDefinition (Insurance, Legal-contracts)
Laws that prevent insurers from using gender as a factor when calculating premiums.
universal health insurance (UHI)Acronym
universal healthcareDefinition (Taxation, Insurance)
A system for providing healthcare free to patients at point of use.
universal life (UL)Acronym
  ➥  An insurance policy.
universal life insuranceDefinition (Estate-management, Taxation, Insurance)
A form of life insurance that offers flexible investment options and tax efficiency for estate management.
universal life policy (ULP)Acronym
unsolicited applicationDefinition (Insurance)
An application for insurance made directly by an individual as opposed to an application made by a broker or agent.
unvalued marine policyDefinition (Insurance)
Insurance that covers a marine asset to an unspecified dollar amount.
use and occupancy insurance (U&O)Acronym
usual, customary and reasonable feesDefinition (Insurance)
The expected cost of a medical treatment, and what an insurance company is willing to pay.
utilizationDefinition (Insurance)
How frequently a policyholder makes use of their insurance policy.
validation periodDefinition (Insurance)
The amount of time needed before an insurance policy turns a profit for an insurance company.
valuable papers insuranceDefinition (Insurance)
Insurance that covers damages to valuable papers such as property deeds or wills.
valuationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The estimation of a property's price value through an appraisal.
valuation clauseDefinition (Insurance, Legal-contracts)
A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
valuation reserveDefinition (Insurance)
A financial reserve kept by an insurer in case a liability is larger than expected or an insurer's investments or assets are overvalued.
value reporting formDefinition (Insurance)
A form used to keep track of a business's current inventory value.
valued marine policyDefinition (Insurance)
Insurance that covers a marine asset up to a specified amount.
vandalism and malicious mischief coverageDefinition (Insurance)
Insurance that covers property owners for damages resulting from acts of vandalism.
vanishing premium policyDefinition (Estate-management, Insurance)
A life insurance policy where policy dividends are used to pay the policy's premiums.
Previous Page
Shipowner's LiabilityTotal Loss
Currently Displayed — Page 14
Transferable Insurance... — Vanishing Premium Policy
  Next Page
Variable Adjustable Life...Yearly Renewable Term

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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