Insurance

  1. Misselling

    Misselling is a sales practice in which a product or service is deliberately misrepresented or a customer is misled about ...
  2. Benefactor

    A benefactor is an individual that provides money or other resources to an individual, group, or organization.
  3. Dependent Care Benefits

    Dependent care benefits are provided by an employer to an employee for use in caring for dependents, such as young children ...
  4. Health Savings Account - HSA

    A Health Savings Account (HSA) is an account for individuals with high-deductible health plans to save for medical expenses ...
  5. American Academy Of Actuaries - AAA

    The American Academy of Actuaries is a group that provides analysis to aid in aspects that require actuarial expertise and ...
  6. Payroll Deduction Plan

    A payroll deduction plan refers to when an employer withholds money from an employee's paycheck for a variety of purposes, ...
  7. Ex Gratia Payment

    An ex gratia payment is made to an individual for damages or claims, but it does not require the admittance of liability ...
  8. Counsel Selection Provision

    A counsel selection provision appears in a liability insurance contract, allowing the policyholder to select or approve legal ...
  9. Reproduction Cost

    Reproduction cost refers to the costs involved with reproducing an asset or property with same specifications as insured ...
  10. All-In Coverage

    All-in coverage is a type of insurance coverage that applies to communal features in residential multi-family and structures ...
  11. Preventive Services

    Preventive services refer to check-ups, patient counseling and screenings to prevent illness, disease and other health-related ...
  12. Extra-Contractual Obligations (ECO) Clause

    An extra-contractual obligations (ECO) clause in a reinsurance contract requires a reinsurer to pay for expenses imposed ...
  13. Family Income Rider

    A family income rider is a life insurance add-on that provides a beneficiary with money equal to the policyholder's monthly ...
  14. 4 Frequently Asked Auto Insurance Questions

    Answers to four common questions about what and who is covered by an auto insurance policy.
  15. 3 Things to Know About Life Insurance

    Many life insurance salespeople would prefer you didn't know these three things.
  16. Special Employer

    A special employer is an employer who receives an employee on loan from another business, and who is not the employee’s original ...
  17. Additional Living Expense (ALE) Insurance

    Additional living expense insurance covers additional costs of living incurred by the policyholder if temporarily displaced ...
  18. Credibility Theory

    Credibility theory refers to tools, policies and procedures used by actuaries when examining data in order to estimate risk. ...
  19. Workers' Compensation Coverage A

    Workers' compensation coverage A protects employees and provides medical care, death, disability and rehab for workers injured ...
  20. Successive Periods

    Successive periods are periods of time that follow one another chronologically and which are linked together by a common ...
  21. Policy Or Sales Illustration

    A policy or sales illustration is an educational tool that shows a prospective or new insurance policyholder how life or ...
  22. Warehouse-To-Warehouse Clause

    A warehouse-to-warehouse clause in an insurance policy provides for coverage of cargo in transit, from the origin warehouse ...
  23. Common Policy Declarations

    Common policy declarations contain all of the basic information that defines a policy, including the name of the insured, ...
  24. Monoline

    Monoline refers to the practice of specializing in a single line or discipline of the financial services business.
  25. Workers' Compensation Coverage B

    Workers' Compensation Coverage B is an insurance policy that covers medical care, lost income and rehabilitation costs for ...
  26. Transfer-For-Value Rule

    Transfer-for-value rule states that if a life insurance policy is transferred for something of value, the death benefit is ...
  27. Blanket Additional Insured Endorsement

    A blanket additional insured endorsement automatically provides coverage to any party to which the insured is contractually ...
  28. Employment Insurance (EI)

    An unemployment insurance program in Canada that allows individuals who have recently lost a job to receive temporary financial ...
  29. Fair Market Value Purchase Option

    Fair Market Value Purchase Option is the right, but not the obligation, to buy a leased asset at the end of the lease for ...
  30. Advance Premium

    An advance premium is an initial premium paid to bind an insurance policy for a given period of time.
  31. All-Risks Coverage

    All risks coverage is insurance coverage for any incident that an insurance policy doesn’t specifically exclude.
  32. Direct Writer

    A direct writer is a captive agent that only issues insurance policies from a specific insurance company.
  33. Loss Settlement Amount

    Loss settlement amount is a term used to denote the amount of a homeowner's insurance settlement.
  34. TSX Venture Exchange

    TSX Venture Exchange is a stock exchange in Canada that was originally called the Canadian Venture Exchange (CDNX).
  35. Usual, Customary and Reasonable Fees

    Usual, customary and reasonable fees are out-of-pocket fees that an insurance policy holder must pay for services.
  36. Building And Personal Property Coverage Form

    A building and personal property coverage form is a type of business insurance coverage for physical damage or loss to commercial ...
  37. Chain Of Title

    Chain of title is the official ownership record of a property or asset.
  38. Catastrophe Reinsurance

    Catastrophe reinsurance is purchased by an insurance company to reduce its exposure to the financial risks associated with ...
  39. Accumulation Option

    An accumulation option is a policy feature of permanent life insurance that reinvests dividends back into the policy, where ...
  40. Family And Medical Leave Act (FMLA)

    The Family and Medical Leave Act (FMLA) is a labor law requiring larger employers to provide employees unpaid leave for serious ...
  41. Cooperative Insurance

    Cooperative insurance is for owners of co-op apartments – or other cooperative organizations – and it covers losses to their ...
  42. Associate In Claims (AIC)

    An Associate in Claims is a professional designation for professionals with enhanced skill training to handle different types ...
  43. Nonstandard Auto Insurance

    Nonstandard auto insurance is offered to drivers considered to carry the most risk.
  44. Wholesale Insurance

    Wholesale insurance is coverage for employer groups that are too small to qualify for true group coverage. It is also known ...
  45. Abandonment Clause

    An abandonment clause in a property insurance contract permits the property owner to abandon lost or damaged property and ...
  46. Future Purchase Option

    A future purchase option is a feature of long-term disability insurance that allows policyholders to increase their insurance ...
  47. Contingent Commission

    A contingent commission is a commission paid to an intermediary by an insurance or reinsurance company with a value dependent ...
  48. Select Mortality Table

    A select mortality table outlines life contingency statistics for a certain period of time.
  49. Entity-Purchase Agreement

    An entity-purchase agreement is a type of business succession plan used by companies that have more than one owner.
  50. Ultimate Net Loss

    Ultimate net loss is a party's total financial obligation when an insured event occurs.
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Hot Definitions
  1. Compound Annual Growth Rate - CAGR

    The Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer ...
  2. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
  3. Price-Earnings Ratio - P/E Ratio

    The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative ...
  4. Internal Rate of Return - IRR

    Internal Rate of Return (IRR) is a metric used in capital budgeting to estimate the profitability of potential investments.
  5. Limit Order

    An order placed with a brokerage to buy or sell a set number of shares at a specified price or better.
  6. Current Ratio

    The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-term obligations.
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