Terms with Category Insurance
- Contingent Liability — Definition,
- A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
- Contract Holder — Definition,
- The entity that holds the rights to a obligation or debt.
- Contributory Negligence — Definition,
- A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
- Conversion Privilege — Definition,
- An option where an insurance company is required to update, renew or convert an insurance policy with level premiums at the end of the policy's term without a medical exam.
- Convertible Life Insurance — Definition,
- A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
- Cost Basis — Definition,
- The original price paid for an investment which is also known as the basis or tax basis. The cost basis includes any commissions or fees paid when the investment was purchased.
- Cost of Living Adjustment (COLA) — Acronym,
- A method used to keep salaries and benefits in line with inflation by following an index such as the Consumer Price Index.
- Coverage — Definition,
- The type or amount of protection afforded by an insurance policy.
- Coverage Area — Definition,
- A geographical area where travel insurance coverage applies.
- Credit Insurance — Definition,
- Insurance that covers borrowers and/or lenders if one is unable to repay debts.
- A policy that pays off the card debt should the borrower lose his job, die or become disabled. The structure of protection for a revolving credit card debt is calculated each month to cover only the debt that existed at the last billing cycle.
- Credit Life Insurance — Definition,
- Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
- Credit Union (CU) — Acronym,
- A non-profit, cooperative financial institution owned and controlled by the people who use its services, usually a group such as employees in the same company or industry. Credit unions historically have been able to offer lower rates and fees and still operate in the black. Credit unions rely on a financial reserve to absorb unexpected losses from loan defaults or other financial setbacks, and the majority of credit unions carry federal deposit insurance that protects individual accounts up to a specified amount in the event the credit union fails.
➥ Credit unions are member-owned, full service co-operative financial institutions. - Creditor Insurance — Definition,
- Insurance that repays debt if the borrower cannot.
- Critical Illness Insurance (CII) — Acronym, Very Important,
- Insurance that covers individuals in the event of a critical or catastrophic illness.
➥ A health insurance policy rider. - Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Custodial Care — Definition,
- Care for individuals who find themselves unable to perform the activities of daily living but at the same time are not in need of constant medical care.
- Death Benefit (DB) — Acronym, Very Important,
- A payment or series of payments made to the beneficiaries of a life insurance policy.
➥ An amount paid to a beneficiary in a life linsurance policy. - Debris Removal Provision — Definition,
- A property insurance policy provision that can pay for the costs of cleaning up debris resulting from insured damages.
- Declining Life Insurance — Definition,
- Life insurance with a decreasing death benefit, often used to insure mortgage debt.
- Decreasing Term Life Insurance — Definition,
- A Term life insurance policy with benefits that decrease each year as the policyholder ages.
- Deductible — Definition,
- A payment that a policyholder must make before an insurer is required to provide benefits.
- Demographics — Definition,
- Characteristics of the population that influence consumption of products and services. They include age, sex, race, family size, level of education, occupation, income and location of residence.
- Demolition Insurance — Definition,
- Insurance that covers demolition costs for an irreparably damaged building.
- Deposit Insurance — Definition,
- The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
- Depreciation — Definition,
- The gradual loss of value of a building or other property because of age or natural wear.
- Developed to Net Premiums Earned — Definition,
- A method used to determine if the premiums charged by an insurer are in balance with the benefits they pay out.
- Direct Writer — Definition,
- An individual who writes insurance policies directly for an insurer.
- Direct Written Premiums — Definition,
- All the premiums written by an insurer except those ceded to reinsurers.
- Disability — Definition,
- A condition that limits or completely inhibits an individual's ability to work or perform everyday tasks.
- Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
4.
Contingent Liability -
Critical Illness Insurance
Critical Illness Insurance
