Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:assurance, backing, coverage, guarantee, indemnity, policy, protection, provision, safeguard, safety, security, support, warranty
Acronyms &
Filed Under: abbreviation, insurance
Tags: classifieds, insurance

Definition of insurance (insur)

insurance (insur)
1. A financial agreement and contract where an entity (insurance company) agrees to provide financial protection or compensation to an individual or entity (policyholder) in the event of a specified loss.

Related Terms and Acronyms:

  • disability insurance (DI)   Insurance that covers individuals who develop a condition that hinders their ability to work.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • long term care insurance (LTC)   Insurance that covers health care costs for individuals with chronic or disabling conditions.
  • mortgage insurance   Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
      ➥  CanEquity offers mortgage insurance.
  • mortgage life insurance   Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
  • premium   A payment made to an insurance company for insurance coverage.
  • principal, interest, taxes, and insurance (PITI)   Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
  • property insurance   Insurance that provides coverage for damages to property from a number of perils.
  • reciprocal insurance exchange   A group of individuals, firms and corporations that mutually insure each other.
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.

More Related Terms and Acronyms

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