DEFINITION of 'Accident And Sickness Insurance Act'

This is a Canadian government statute that defines the acceptable terms and conditions of health insurance coverage and sets out guidelines to which these policies must conform. It is now known as the Uniform Accident and Sickness Insurance Act, which is the model law adopted by the Canadian Council of Insurance Regulators (CCIR). The model legislation has been enacted, with minor variations, by all Canadian provinces.

BREAKING DOWN 'Accident And Sickness Insurance Act'

In Canada's extremely competitive life and health insurance market, the enactment of national laws and the ability to establish uniform standards agreed-to by all the provincial governments was a feat of great magnitude. It serves as a model for other nations with decentralized standards and licensing requirements.

RELATED TERMS
  1. Canadian Council Of Insurance Regulators ...

    An association that was created to advocate for an effective ...
  2. Uniform Individual Accident and ...

    The Uniform Individual Accident and Sickness Policy Provisions ...
  3. Personal Lines Insurance

    Personal lines insurance includes property and casualty insurance ...
  4. Insurance Coverage

    The amount of risk or liability covered for an individual or ...
  5. Cover Note

    A cover note is a temporary document issued by an insurance company ...
  6. Insurance Industry ETF

    A sector-following fund that invests primarily in insurance companies, ...
Related Articles
  1. Insurance

    Beginner's Guide To Auto Insurance

    Find the perfect policy that suits both your coverage and budgetary needs.
  2. Insurance

    How to Find the Right Car Insurance

    Finding the right car insurance can be difficult. However with these strategies, you can get the most for your money, protect your assets and your health.
  3. Insurance

    How to Find the Right Car Insurance

    Get the most for your money and protect your assets and your health.
  4. Insurance

    How Obamacare Affected The Insurance Industry (AET, CI)

    A look at the past five years shows that far from suffering at the expense of greater health benefits for average Americans, the insurance industry has done extremely well in the new Obamacare ...
  5. Insurance

    4 Reasons Why Waiting To Buy Life Insurance Is a Bad Idea

    Understand the benefits of applying for and securing life insurance coverage while you are young and healthy, and learn the cost of waiting to get coverage.
  6. Financial Advisor

    Buying a Life Insurance Policy? Read This First

    Knowing who needs life insurance, how it works and the different types of insurance can help consumers make informed decisions about this product.
  7. Insurance

    Term Life Insurance: Everything You Need to Know

    Term life insurance is an affordable way to financially protect your loved ones after your death. Here's what you need to know before purchasing a policy.
  8. Investing

    Methods of Handling Risk: A Quick Guide

    Discover the five methods to manage pure risk, and learn how they can be implemented to mitigate risk with health and life insurance.
  9. Insurance

    Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.
  10. Insurance

    Insurance for Millennials

    Four insurance must-haves – and one maybe – for Generation Y
RELATED FAQS
  1. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  2. What are examples of the largest companies in the insurance sector?

    Read about some of the largest and most influential companies in the insurance sector, a list that includes Berkshire Hathaway ... Read Answer >>
Hot Definitions
  1. Exchange-Traded Fund (ETF)

    A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.
  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. Return On Equity - ROE

    The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability ...
  4. Bond

    A bond is a fixed income investment in which an investor loans money to an entity (corporate or governmental) that borrows ...
  5. Whole Life Insurance Policy

    A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component ...
  6. 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 ...
Trading Center