Terms with Category Insurance
- Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
- Monetary Value — Definition,
- A property's monetary value is its worth if sold at this moment in time.
- Morbidity Rate — Definition,
- A measurement of how prevalent a medical condition or disease is.
- Mortality and Expense Risk Charge — Definition,
- A charge sometimes applied to reimburse an insurer for the risks in a policy.
- Mortality Rate — Definition,
- A measurement of how many people in a particular population set and in a particular period of time die.
- Mortgage Disability Insurance — Definition, Important,
- Insurance that covers mortgage payments if a policyholder becomes disabled.
- Mortgage Insurance — Definition, Very Important,
- Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
- A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
➥ CanEquity offers mortgage insurance. - Mortgage Life Insurance — Definition, Very Important,
- Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
- Multiline Insurance Policy — Definition,
- A combination of different insurance policies that are rolled into a single insurance policy.
- Mutual Insurance Company — Definition,
- An insurance company where the each policyholder is a part owner of the company.
- Named Perils — Definition,
- Risks that are specifically listed as being covered in an insurance policy.
- Named Perils Insurance Policy — Definition,
- Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
- Needs Approach — Definition,
- A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
- Net Premium — Definition,
- The total earned by an insurer in insurance premiums, less the agent's commissions.
- No-Load Life Insurance — Definition,
- A type of life insurance policy that is sold without a commission for the selling agent.
- Non-Cancellable — Definition,
- A contract or section of a contract that cannot be modified.
- Non-Forfeiture Clause — Definition,
- 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.
- Non-Scheduled Personal Property — Definition,
- Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
- Occurrence — Definition,
- An event that triggers the need for insurance coverage.
- Out-of-Pocket Limit — Definition,
- A cap on the amount of costs a policyholder will ever need to pay with their own money without receiving benefits.
- Own-Occupation Provision — Definition,
- Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
- Paid-up Additional Insurance — Definition,
- The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Period of Indemnity — Definition,
- The amount of time where insurance benefits are required to be paid by an insurance policy.
- Permanent Life Insurance — Definition,
- A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
- Personal Lines — Definition,
- Property and/or casualty insurance policies of individuals or whole families.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
- Point of Service Plan — Definition,
- A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
- Policy — Definition,
- A set of rules or guidelines.
- An insurance contract.
- Policy Declarations — Definition,
- The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
9.
Mis-selling -
Net Premium
Net Premium
