Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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contributory negligenceDefinition (Insurance, Legal-contracts)
A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
conversion privilegeDefinition (Insurance)
An option where an insurance company is required to update, renew or convert an insurance policy with level premiums at the end of the policy's term without a medical exam.
convertible life insuranceDefinition (Estate-management, Insurance)
A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
cost basisDefinition (Investments, Taxation, Insurance, Financial-banking)
The original price paid for an investment which is also known as the basis or tax basis. The cost basis includes any commissions or fees paid when the investment was purchased.
cost of insurance (COI)Acronym
coverageDefinition (Insurance)
The type or amount of protection afforded by an insurance policy.
coverage areaDefinition (Insurance)
A geographical area where travel insurance coverage applies.
Creative Planning Financial Group (CPFG)Company Est.1971, Toronto, Ontario, Canada
credit based insurance scores (CBIS)Acronym
credit disability insurance (CDI)Acronym
credit insuranceDefinition (Insurance)
Insurance that covers borrowers and/or lenders if one is unable to repay debts.
credit life insuranceDefinition (Mortgages, Estate-management, Insurance)
Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
Credit Union Deposit Guarantee Corporation (CUDGC)Bank, Alberta, Canada
  ➥  Monitors and regulates the performance of credit unions in Alberta.
Credit Union Deposit Insurance Corporation (CUDIC)Bank, British Columbia, Canada
  ➥  Guarantees all deposits and non-equity shares of British Columbia credit unions.
Credit Union Insurance Services Association (CUISA)Bank Est.1984, Vancouver, British Columbia, Canada
Credit Union Member Insurance Society (CUMIS)Bank, Ontario, Canada
Jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union, CUMIS partners with credit unions in Canada to offer insurance, group retirement plans and other financial products.
  ➥  Provider of insurance-related products and services to the Canadian credit union system.
credit union property and casualty (CUPAC)Canada
creditor insuranceDefinition (Mortgages, Insurance, Financial-banking)
Insurance that repays debt if the borrower cannot.
critical illness (CI)Definition
Insurance that covers individuals in the event of a critical or catastrophic illness.
  ➥  A health insurance policy rider.
critical illness coverage (CIC)Acronym
critical illness insurance (CII)Definition (Insurance)
Insurance that covers individuals in the event of a critical or catastrophic illness.
custodial careDefinition (Insurance)
Care for individuals who find themselves unable to perform the activities of daily living but at the same time are not in need of constant medical care.
custodial parent (CP)Acronym
Parent or guardian having legal custody of a minor child.
damage liability waiver (DLW)Acronym
death & disability (D&D)Acronym
  ➥  A life insurance policy rider.
death benefit (DB)Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
A payment or series of payments made to the beneficiaries of a life insurance policy.
  ➥  An amount paid to a beneficiary in a life linsurance policy.
debris removal provisionDefinition (Insurance)
A property insurance policy provision that can pay for the costs of cleaning up debris resulting from insured damages.
declining life insuranceDefinition (Mortgages, Insurance, Financial-banking)
Life insurance with a decreasing death benefit, often used to insure mortgage debt.
decreasing term life insuranceDefinition (Estate-management, Insurance)
A Term life insurance policy with benefits that decrease each year as the policyholder ages.
deductibleDefinition (Insurance)
A payment that a policyholder must make before an insurer is required to provide benefits.
deferred policy acquisition costs (DPAC)Acronym
demographicsDefinition (Investments, Insurance, Legal-contracts)
Characteristics of the population that influence consumption of products and services. They include age, sex, race, family size, level of education, occupation, income and location of residence.
demolition and increased cost of construction (DICC)Acronym
demolition insuranceDefinition (Insurance)
Insurance that covers demolition costs for an irreparably damaged building.
deposit insuranceDefinition (Insurance, Financial-banking)
The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
Deposit Insurance Corporation of Ontario (DICO)Company, Ontario, Canada
depreciated replacement cost (DRC)Acronym
depreciationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The gradual loss of value of a building or other property because of age or natural wear.
Desjardins Groupe d'Assurances Générales (DGAG)Canada
  ➥  French acronym for Desjardins General Insurance Group.
developed to net premiums earnedDefinition (Insurance)
A method used to determine if the premiums charged by an insurer are in balance with the benefits they pay out.
direct writerDefinition (Insurance)
An individual who writes insurance policies directly for an insurer.
direct written premiumsDefinition (Insurance)
All the premiums written by an insurer except those ceded to reinsurers.
directors and officers liability insurance (D&O, DOLI)Acronym
Insurance for officers and directors of a company providing coverage against "wrongful acts" or "behavior" that may lead to lawsuits and profit losses due to neglect or breach of duty, errors and omissions or misleading statements on the part of the board of directors.
  ➥  Sometimes referred to as Officers' and Directors' Liability (ODL) insurance.
disabilityDefinition (Insurance)
A condition that limits or completely inhibits an individual's ability to work or perform everyday tasks.
disability insurance (DI)Definition (Insurance)
Insurance that covers individuals who develop a condition that hinders their ability to work.
disability insurance benefits (DIB)Acronym
disease management (DM)Definition (Insurance)
The process of discussing and agreeing to treatments and care plans for individuals with long-term health care needs.
  ➥  Heath care decisions made to manage a disease.
disease management program (DMP)Acronym
dread disease riderDefinition (Estate-management, Insurance)
Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
driver's fatal accident policy (DFAP)Acronym
Previous Page
Chartered Property and...Contractual Liability...
Currently Displayed — Page 4
Contributory Negligence — Driver's Fatal Accident...
  Next Page
Duplicate PolicyFlood Insurance Rate Map

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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