Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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Accelerated Benefit...Bankers Blanket Bond
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basisDefinition (Investments, Taxation, Insurance, Financial-banking)
That on which a thing rests or is founded.
beneficiaryDefinition (Investments, Estate-management, Annuities, Insurance)
An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
benefit periodDefinition (Insurance)
The total period of time where an insurer is contractually obligated to pay benefits.
benefits (Bnfts)Abbreviation (Abbreviation)
best's capital adequacy relativityDefinition (Insurance, Financial-banking)
A percentage used to measure a company's relative capital strength as compared to an industry peer composite.
binding death benefit nomination (BDBN)Australia
A legally binding document given to a trustee that states the beneficiaries of a life insurance death benefit.
  ➥  Mostly an Australian insurance term.
blanket insuranceDefinition (Insurance)
A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
book valueDefinition (Real-estate, Insurance, Financial-banking, Legal-contracts)
The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
broad form insuranceDefinition (Insurance)
Insurance that covers rare events not normally covered in an existing insurance policy.
broker (Bkr)Definition (Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A person or firm who acts on behalf of another.
broker-agentDefinition (Investments, Insurance, Financial-banking)
An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
Bureau d'Assurance du Canada (BAC)Company, Canada
  ➥  French acronym for Insurance Bureau of Canada.
burial insuranceDefinition (Estate-management, Insurance)
Insurance that provides coverage for funeral expenses.
business account package policy (BAPP)Acronym
business automobile policy (BAP)Acronym
  ➥  An insurance policy that covers a company's use of vehicles used for business.
business continuation insuranceDefinition (Insurance, Financial-banking)
Insurance that provides coverage in the event that someone integral to the operation of a business dies or becomes disabled.
business crime insuranceDefinition (Insurance)
Insurance that covers losses due to criminal acts perpetrated by customers or employees.
business insuranceDefinition (Insurance)
An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
business interruption insurance (BII)Definition (Insurance)
Insurance that covers losses in business income after an event interrupts business operations.
business life insuranceDefinition (Insurance)
Life insurance that provides coverage in the event that a person key to the operation of a business dies.
business net retentionDefinition (Investments, Insurance, Financial-banking)
A measure of the gross writings retained by a company for their own account.
business travel accident insurance (BTAI)Acronym
Canada Deposit Insurance Corporation (CDIC)Company Est.1967, Ottawa, Ontario, Canada
A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
  ➥  Government of Canada federal crown corporation.
Canada Housing Trust (CHT)Canada
Canada Life Financial Corporation (CLFC)Company, Ottawa, Ontario, Canada
Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide
The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
  ➥  Insures Canadian mortgage lenders.
Canadian Automobile Association (CAA)Company, Canada
Canadian Council of Insurance Regulators (CCIR)Company Est.1914, Toronto, Ontario, Canada
The CCIR is an insurance regulatory system that serves Canadian public interests by developing solutions and stream lining the co-ordination mechanisms that regulate the pension, securities and insurance industries.
  ➥  An inter-jurisdictional association of insurance regulators.
Canadian Institute of Underwriters (CIU)Company, Canada
Canadian Insurance Course (CIC)Canada
  ➥  Course developed for insurance agents, financial planners, independent insurance brokers or dual-licensed advisors.
Canadian Insurance Course - Fast Track (CICT)Canada
  ➥  Prerequisite for Life License Qualification Program (LLQP).
Canadian Insurance Services Regulatory Organizations (CISRO)Company
Authorities dedicated to developing consistent standards of qualifications and practice for insurance intermediaries dealing in personal and property insurance.
Canadian Life and Health Insurance Association (CLHIA)Company Est.1894, Canada
A voluntary non-profit association with member companies accounting for 99 per cent of Canada’s life and health insurance business.
  ➥  Legislative and regulatory representative for Canada's insurance industry.
Canadian Securities Institute (CSI)Company Est.1970, Canada
Offers financial services education and is endorsed by regulatory authorities across Canada.
  ➥  Better known as CSI Global Education Inc.
captive agentDefinition (Insurance)
An insurance agent who uses a limited number of insurance companies, or a single insurance company, when finding products for their clients.
case managementDefinition (Insurance)
A system where medical services and patient treatments are coordinated by a case manager.
cash surrender value (CSV)Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
The liquid value of an insurance policy if the policyholder voluntarily cancels the policy before maturity or an insured event.
cash surrender value of life insurance (CSVLI)Acronym
casualtyDefinition (Insurance)
A liability or loss that results from an incident or accident.
casualty and collision (CASCO)Acronym
casualty and theft lossDefinition (Taxation, Insurance, Financial-banking)
A loss caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or unusual. You can deduct a portion of personal casualty or theft losses as an itemized deduction.
casualty insuranceDefinition (Automotive, Insurance)
Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
catastrophe hazardDefinition (Insurance)
An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
catastrophe insuranceDefinition (Insurance)
Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
causationDefinition (Insurance, Legal-contracts)
A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
ceding partyDefinition (Insurance)
In reinsurance, a ceding party is an insurance company that spreads liability to a reinsurer in order to lower risk.
charity lump sum death benefit (CLSDB)Acronym
Chartered Insurance Professional (CIP)Canada
A designation for professionals working in the casualty and property insurance industry.
  ➥  See also Fellow, Chartered Insurance Professional (FCIP).
Chartered Insurance Professionals' Society (CIP Society)Company
An society for FCIP and CIP graduates.
Chartered Life Underwriter (CLU)Canada
  ➥  A professional designation demonstrating knowledge of life insurance products.
Previous Page
Accelerated Benefit...Bankers Blanket Bond
Currently Displayed — Page 2
Basis — Chartered Life Underwriter
  Next Page
Chartered Property and...Contractual Liability...

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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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