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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Waiver. Waiver of Premium. Waiver of Premium Provision (WOP or WP) WCB/WSIB/WCC/ WHSCC/ CSST. Weekly Income (Indemnity) Insurance. Weekly Income or Weekly Indemnity (WI) Consult Manulife's glossary of terms related to group benefits and pensions.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general ...
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
Nov 16, 2023 · COPE: An acronym that stands for construction, occupancy, protection, and exposure. These are the main risk characteristics considered when assessing a physical property location for insurance purposes. Peril: An event that causes loss or damage. A property coverage form details perils that are covered (insured perils) and perils that are ...
Apr 14, 2022 · Definition and Examples of Insurance Policy Limits . Insurance policy limits tell you the maximum amount your insurance will pay for claims on each type of coverage you carry. If you incur additional expenses after your insurance pays up to the limit, you can be held personally responsible. In some cases, you can choose a policy’s limit.
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Liability Insurance: Insurance which agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury or damage to property. Liability Limits*: The amount or amounts beyond which an insurance company does not protect a person insured for liability coverage. For example, a common liability ...
