GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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duplicate policy (DUP)Acronym
early withdrawal penaltyDefinition (Investments, Insurance, Financial-banking)
A depositor forfeits interest or is charged a service fee for either withdrawing funds or closing a time deposit before the maturity date.
earned premium (EP)Definition (Insurance)
The amount of premiums that an insurer has collected from an insurance policy at a given time.
effective ageDefinition (Real-estate, Insurance, Financial-banking)
An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
electronic claim file (ECF)Acronym
elimination periodDefinition (Insurance)
The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
employer stop loss (ESL)Acronym
employers liability insurance (ELI)Definition (Insurance)
Insurance purchased to cover businesses for liability from workplace accidents.
employment insurance (EI)Canada
A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
  ➥  Formerly known as Unemployment Insurance (UI).
employment practices liability insurance (EPLI)Acronym
Enquête sur la Couverture de l'Assurance-Emploi (ECAE)Canada
  ➥  French acronym for Coverage Survey of Employment Insurance.
entity-purchase agreementDefinition (Investments, Insurance, Financial-banking)
A plan used for businesses with multiple owners where insurance policies are taken out for each owner in the amount of their ownership stake.
equityDefinition (Investments, Mortgages, Insurance, Financial-banking, Legal-contracts)
The value of a property minus outstanding mortgage debt and other liens.
errors and omissions (E&O)Acronym
errors and omissions insuranceDefinition (Insurance, Financial-banking)
Insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
estate planningDefinition (Investments, Estate-management, Annuities, Taxation, Insurance, Financial-banking)
The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
excess of loss self-insurance pool (ELSIP)Acronym
exclusionsDefinition (Insurance)
Situations, as listed in an insurance policy, where insurance companies are allowed to deny coverage to policyholders.
executorDefinition (Investments, Insurance, Financial-banking)
The person who manages the estate of a deceased individual.
expense ratioDefinition (Insurance)
A method of calculating an insurer's operating efficiency.
export payments insurance policy (EPIP)Acronym
exposureDefinition (Insurance)
How much liability an insurer takes on when they write an insurance policy.
extended permanent disability benefit (EPDB)Acronym
extended replacement costDefinition (Insurance)
A replacement cost for an asset that exceeds that of the actual cash value of the asset.
face valueDefinition (Insurance, Financial-banking)
The value of an asset, or the size of an insurance benefit.
fake claimDefinition (Insurance)
An insurance claim made fraudulently.
family income riderDefinition (Estate-management, Insurance)
A recurring or lump sum life insurance benefit that matches the policyholder's income.
farmowners (FO)Acronym
  ➥  Insurance policy covering farm owner's property.
Fellow of the Insurance Institute of Canada (FIIC)Canada
Fellow, Chartered Insurance Professional (FCIP)Canada
  ➥  Insurance education and accreditation courses offered by The Insurance Institute of Canada.
fidelity bondDefinition (Insurance, Financial-banking)
Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
finance, insurance and real estate (FIRE)Definition
A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
financial component of liabilities (FCL)Acronym
financial responsibility lawsDefinition (Automotive, Insurance, Legal-contracts)
A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
Financial Services Commission of Ontario (FSCO)Company Est.1998, Ontario, Canada
A regulatory agency of the Ministry of Finance that protects public interests and regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.
  ➥  Oversees the mortgage, insurance and pension industries in Ontario.
financing entityDefinition (Insurance, Financial-banking)
An entity that purchases an insurance policy or settlement contract.
finder feeDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)
A fee paid by a party to another for services rendered.
finite reinsuranceDefinition (Insurance)
A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
fire insuranceDefinition (Insurance)
Insurance that covers losses from fire damage to insured assets.
first dollar coverageDefinition (Automotive, Insurance)
Insurance coverage that does not require the insured to pay a deductible.
first loss insurance policyDefinition (Insurance)
An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
fixed indexed annuity (FIA)Acronym
fixed premiumDefinition (Annuities, Insurance)
Insurance or annuity premiums that stay level for a specific period of time.
flat feeDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)
A fixed charge that a broker requests instead of a commission.
flexible premium deferred annuity (FPDA)Acronym
flexible premium variable life insurance (FPVLI)Acronym
floater insuranceDefinition (Insurance)
Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
flood hazard zone (FHZ)Acronym
flood insuranceDefinition (Insurance)
An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
flood insurance rate map (FIRM)United States
  ➥  A US mortgage term.
Previous Page
Contributory NegligenceDriver's Fatal Accident...
 
Currently Displayed — Page 5
Duplicate Policy — Flood Insurance Rate Map
  Next Page
Flood Insurance StudyHigh Risk Auto Insurance

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

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