Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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flood insurance study (FIS)United States
  ➥  A US mortgage term.
flood plain (flpl)Definition (Real-estate, Insurance, Abbreviation)
Land that is prone to inundation.
flood zone determination (FZD)Acronym
foreign investment insurance policy (FIIP)Acronym
foreign variable universal life insurance (FVUL)Acronym
four pillarsDefinition (Insurance, Financial-banking)
Refers to the main types of financial institutions: banking, trust, insurance, and securities.
free of all average (FAA)Acronym
free of damage (FOD)Acronym
fringe benefitDefinition (Investments, Insurance, Financial-banking)
Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
full interest admitted (FIA)Acronym
full premium if lost (FPIL)Acronym
future policy related liabilities (FPRL)Acronym
future purchase optionDefinition (Insurance)
A provision that gives the policyholder the option to purchase additional insurance coverage at a future date.
gap insuranceDefinition (Automotive, Insurance)
A type of insurance offered to auto lease customers. This type of insurance covers the difference in value between a vehicle's book value and the amount remaining on a vehicles financing or lease, if such a difference exists.
gatekeeperDefinition (Insurance)
In relation to health maintenance organizations, a gatekeeper is a primary care physician that arranges medical care for policyholders.
general account (GA)Definition (Insurance)
Investments and assets that an insurer uses for paying benefits and claims.
general average (GA)Acronym
general equilibrium model (GEM)Acronym
General Insurance Statistical Agency (GISA)Company Est.2005, Toronto, Ontario, Canada
  ➥  A federally incorporated, non-profit corporation.
general liability insuranceDefinition (Insurance)
Insurance that protects individuals and businesses from a number of potential liabilities.
general partner's legal liability (GPLL)Acronym
glass damage waiver (GDW)Acronym
global econometric model (GEM)Acronym
grace periodDefinition (Insurance, Financial-banking)
If the credit card user does not carry a balance, the grace period is the interest-free time a lender allows between the transaction date and the billing date. The standard grace period is usually between 20 and 30 days. If there is no grace period, finance charges will accrue the moment a purchase is made with the credit card. People who carry a balance on their credit cards have no grace period.
Great-West Life & Annuity Insurance Company (GWLA)Company
gross earned premiums (GEP)Acronym
gross revenue insurance plan (GRIP)Acronym
  ➥  Canadian crop insurance and revenue protection plan.
group critical illness (GCI)Acronym
group health insurance planDefinition (Insurance)
Health insurance that covers a large group of people, often as part as a employee benefit package.
group home careDefinition (Insurance)
An arrangement where a group of people with disabilities receive both custodial and medical care in a single residence instead of in their own homes, which can be prohibitively expensive.
group life insuranceDefinition (Estate-management, Insurance)
Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
group self-insurance (GSI)Acronym
group term life insurance (GTLI)Acronym
group universal life (GUL)Definition
Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
group universal life program (GULP)Acronym
group yearly renewable term (GYRT)Acronym
growth funeral plan annuity (GFPA)Ontario, Canada
  ➥  (Guaranteed Funeral Deposits of Canada)
guaranteed insurability benefit (GIB)Acronym
guaranteed insurability option (GIO)Acronym
guaranteed minimum death benefit (GMDB)Acronym
The minimum amount of money promised to be awarded to a beneficiary, provided all premiums have been paid.
guaranteed renewableDefinition (Insurance)
An insurance policy that gives the insured the option to renew the policy at the end of the its term, however the insurer has no restrictions on raising premiums.
guaranteed renewable policy (GRP)Acronym
guaranteed withdrawal benefit for life (GWBL)Acronym
handicap accessibilityDefinition (Insurance)
A measure of how accessible a location, product or service is for people with special needs or disabilities.
hazardDefinition (Insurance)
Anything that poses a potential risk of injury or damage.
hazard insuranceDefinition (Mortgages, Insurance)
Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
hazardous activityDefinition (Insurance)
Activities that pose a high risk of injury and as such are not covered by an insurance policy.
health maintenance organization (HMO)Definition (Insurance)
A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
healthcare planDefinition (Insurance)
Insurance that can cover medical and dental expenses for insured people.
high risk auto insuranceDefinition (Automotive, Insurance)
Auto insurance for drivers with an increased risk of collisions.
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Flood Insurance Study — High Risk Auto Insurance
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Home CareInsurance Proceeds

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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