Insurance Terms
The periodic payment made by the policyholder is required to keep the insurance policy in force
What is the Premium
Protects against financial loss from death
What is Life Insurance
The company that provides the Insurance contract
What is the Insurer
Protects against financial loss due to illness or injury
What is Disability Income Insurance
Signs directly with the insurance company to sell insurance.
What is an Agent
The individual who applies for the policy and makes the premium payments.
What is the Policy Owner
Provides a benefit if a client is diagnosed with a predetermined medical condition.
What is Critical Illness Insurance
Ensures that the insurance companies have enough assets to pay the benefits of their policies.
What is the office of the Superintendent of Financial Institutions (OSFI)
The person whose health, gender, and age are used to calculate the premiums.
What is the Life Insured.
Insurance protects against extreme health care costs outside provincial government health plans, such as Medicare.
What is Health Insurance
What are Brokers.
Is the amount paid to the beneficiary when proof of death is provided?
What is the Death Benefit
Provides protection against the cost of long-term care as a result of aging.
What is Long Term Care insurance
In Canada, they regulate licensing for their jurisdiction.
What are Provinces?