Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:insurance contract, insurance policy, plan
Filed Under: financial-banking, insurance, legal-contracts
Tags: banking, contract, insurance, legal

Definition of policy

1. A contract made between an insurance company and an insured person or entity.
2. A plan or course of action that outlines or influences decision making for a government, political party, or business.

Related Terms and Acronyms:

  • contract   An agreement between two or more parties that can be enforced by law.
  • fiscal policy   The use of government spending and taxation policies to influence the economy.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • liability insurance   Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • 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.
  • monetary policy   The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
  • non-forfeiture clause   A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
  • property insurance   Insurance that provides coverage for damages to property from a number of perils.
  • underwriting guide   The rules and guidelines an underwriter must follow while writing policies.

More Related Terms and Acronyms

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