Terms with Category Insurance
- Rent Loss Insurance — Definition,
- Hazard insurance that pays for a loss in rental value or rental income if damage causes the property to become unfit for habitation.
- Renter's Insurance — Definition,
- Insurance that covers renters for liabilities or damages occurring to or within insured property.
- Replacement Cost — Definition,
- The amount one would have to pay to rebuild and refurnish with materials and items of similar value. The cost of replacing an asset with one of equal value without taking depreciation into account.
- Reserve — Definition,
- Money retained for some future use.
- Residual Benefit — Definition,
- Insurance benefits paid to individuals who lose income due to a covered disability.
- Respite Care — Definition,
- Medical or non-medical care provided for a sick or disabled person which is arranged to give a primary caregiver respite for a short or extended period of time.
- Return — Definition,
- Any increase in value or in income you earn on purchase or investment.
- Revocable Beneficiary — Definition,
- A beneficiary whose benefit can be modified without his or her consent.
- Rider — Definition,
- Additional insurance coverage that can added onto another insurance policy.
- Risk Class — Definition,
- A number of people who are grouped together because they pose similar levels of risk to an insurance company.
- Risk Management — Definition,
- The methods used to identify, assess, and prioritize risk and the strategies used to manage them in the most effective and economical way possible.
- Second-To-Die Insurance — Definition,
- Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
- Segregated Fund — Definition,
- Investment vehicles that feature both maturity and death guarantees. Segregated funds share similarities with mutual funds but are categorized as insurance products.
- Selection Bias — Definition,
- A statistical error made when non-random data is added into a dataset.
- Self Insurance — Definition,
- Setting aside money or assets for a potential future loss.
- Self-Build Insurance — Definition,
- Insurance that covers a homeowner for problems involved in a construction project.
- Self-Selection Bias — Definition,
- A selection bias that occurs when individuals join a sample group voluntarily.
- Single Interest Insurance — Definition,
- Insurance that covers a single party when more than one party has a stake in a property.
- Single-Premium Life Insurance — Definition,
- Life insurance where all premiums are paid up front in a single lump sum payment.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks. - Spin-Life — Definition,
- A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
- Sprinkling Provision — Definition,
- A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
- Standard Automotive Insurance — Definition,
- Auto insurance that covers those with average driving records.
- Statutory Liability — Definition,
- Liability that is assigned by law and is not open for interpretation.
- Stock Insurance Company — Definition,
- An insurance company with multiple stockholders each owning shares in the corporation.
- Stop Loss Insurance — Definition,
- A low premium, high deductible insurance policy with an upper limit on coverage.
- Stranger Originated Life Insurance (STOLI) — Acronym,
- A life insurance policy purchased by someone without any insurable interests with the insured person.
➥ Illegal in many Canadian provinces. - Subrogation — Definition,
- When an insurance company has the right to take legal action against a third party for damages.
- Substandard Insurance — Definition,
- Insurance for those who are ineligible for standard insurance due to higher risk profiles.
- Successive Periods — Definition,
- When multiple hospital stays are considered as one when the stays are a result of, or are related to, a single medical condition.
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Rent Loss Insurance -
Selection Bias
Selection Bias
