GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Insurance Terms

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loss ratioDefinition (Insurance)
A method of comparing an insurer's losses to premiums earned in a specific period of time.
loss reserveDefinition (Insurance)
A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
loss settlement amountDefinition (Insurance)
The percentage of damages an insurer is contractually obligated to pay for after a claim.
losses incurredDefinition (Insurance)
The total net losses of an entity in a year.
lost policy release (LPR)Acronym
lump sum death benefit (LSDB)Acronym
A one time payment awarded to a beneficiary in a life insurance policy.
malpracticeDefinition (Insurance, Legal-contracts)
Negligent acts done by a professional that causes injury to a plaintiff.
malpractice insuranceDefinition (Insurance)
Insurance that covers professionals from liability due to their own negligence or intentional harm.
Managers Association of Insurance and Financial Advisors of Canada (MAIFAC)Company, Ontario, Canada
mandatory securities valuation reserve (MSVR)United States
  ➥  A US term.
Manheim Automotive Financial Services (MAFS)Company, US and Canada
Manitoba Crop Insurance Corporation (MCIC)Company, Manitoba, Canada
  ➥  See Manitoba Agricultural Services Corporation (MASC).
Manitoba Public Insurance (MPI)Company, Manitoba, Canada
marina operators legal liability (MOLL)Acronym
marine insurance policy (MIP)Acronym
marine, aviation and transport (MAT)Acronym
market value margin (MVM)Acronym
maturity guaranteeDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking, Legal-contracts)
A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
maximum death benefit (MDB)Acronym
maximum foreseeable loss (MFL)Acronym
maximum insurance limit (MIL)Acronym
medical loss ratioDefinition (Insurance)
A method of comparing the medical costs paid to the premiums earned by an insurance company in a specific period of time.
medical specialistDefinition (Insurance)
A doctor with training in a specific medical field.
mid-term adjustment (MTA)Acronym
minimum earned premium (MEP)Acronym
minimum guaranteed death benefit (MGDB)Acronym
The minimum amount of money promised to be awarded to a beneficiary, provided all premiums have been paid.
  ➥  More commonly referred to as a Guaranteed Minimum Death Benefit (GMDB).
mis-sellingDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
miscellaneous professional liability (MPL)Acronym
modified policy code (MPC)Acronym
modified policy memo (MPM)Acronym
modified policy text (MPT)Acronym
monetary valueDefinition (Real-estate, Insurance, Financial-banking)
A property's monetary value is its worth if sold at this moment in time.
morbidity rateDefinition (Insurance)
A measurement of how prevalent a medical condition or disease is.
mortality and expense risk chargeDefinition (Annuities, Insurance)
A charge sometimes applied to reimburse an insurer for the risks in a policy.
mortality rateDefinition (Insurance)
A measurement of how many people in a particular population set and in a particular period of time die.
mortgage disability insuranceDefinition (Mortgages, Insurance)
Insurance that covers mortgage payments if a policyholder becomes disabled.
mortgage indemnity guarantee premium (MIGP)Acronym
mortgage insuranceDefinition (Mortgages, Estate-management, Insurance)
Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
  ➥  CanEquity offers mortgage insurance.
mortgage life insuranceDefinition (Mortgages, Estate-management, Insurance)
Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
mortgage payment protection insurance (MPPI)Acronym
motor vehicle pollution liability (MVPL)Acronym
multiline insurance policyDefinition (Insurance)
A combination of different insurance policies that are rolled into a single insurance policy.
Municipal Hail Insurance Act (MHIA)Saskatchewan, Canada
mutual insurance companyDefinition (Insurance, Financial-banking)
An insurance company where the each policyholder is a part owner of the company.
mutual mortgage insurance (MMI)Acronym
named perilsDefinition (Insurance)
Risks that are specifically listed as being covered in an insurance policy.
named perils insurance policyDefinition (Insurance)
Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
needs approachDefinition (Investments, Estate-management, Insurance)
A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
net cash surrender value (NCSV)Acronym
net client cash flow (NCCF)Acronym
The difference between money received from customers and money given back to customers during a given period of time.
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Loss Ratio — Net Client Cash Flow
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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

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