Glossary of terms used on this site
All
| Term | Definition |
|---|---|
| Accidental death and dismemberment insur |
A benefit in a life insurance policy that provides payment in the event of death or loss of use of one or more body parts (such as hands or feet), or the sight of one or both eyes as a result of an accident. See your policy for specific coverage. |
| Adjudicate |
The decision making process whereby a claim is determined eligible or not and what amount is covered, if any. The Adjudicator is the person who adjudicates a claim and is almost always an employee of the insurer. |
| Agent |
A sales and service representative of an insurance company or companies. |
| Beneficiary |
The person who is to receive the insurance proceeds at the death of the insured. |
| Benefit |
The amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured suffers a loss covered by the policy. |
| Broker |
Independent insurance agent who can sell products from multiple insurance companies. |
| Claim |
A demand to the insurer by the insured person for the payment of benefits under a policy. |
| Coinsurance |
A provision in an insurance contract by which the insurer and insured share, in a specific ratio, the covered expenses under a policy. For example, the insurer may reimburse the insured 80% of covered expenses, the insured paying the remaining 20% of suck expense. |
| Coverage Effective Date |
The date coverage becomes effective. This can be based on your date of hire, number of hours worked during a week, the waiting period and the date the application is received. |
| Critical Illness Coverage |
A form of health insurance designed to protect people against the economic hardship that can result from serious health problems. These policies typically cover a variety of serious illnesses such as heart attack, stroke, cancer, kidney failure, blindness, deafness, multiple sclerosis, coma, etc. A lump sum payment to the policyholder will be issued following diagnosis of one of the specified conditions listed in the policyholder's plan. |
| Deductible |
The amount of covered expenses that must be incurred and paid by the insured before benefits become payable by the insurer. |
| Dental |
An insured benefit that covers some or all dental work for insured persons. |
| Dependent |
Any of the following persons for whom coverage is provided under the policyholder's plan; one spouse, and any child, stepchild, legally adopted child, or legal ward, who is unmarried, living with you and is fully dependent upon you, and is accepted as your Dependent under the Income Tax Act. |
| Dependent Life |
Life insurance covering the lives of the spouse and children. |
| Disability |
A physical or mental condition that makes an insured person incapable of performing one or more duties of his or her occupation. |
| Disability Waiver Benefit |
A benefit added to some life insurance policies providing for waiver of premium and sometimes payment of a monthly income, if the insured becomes totally and permanently disabled. |
| Elimination Period |
The number of days between the date of disability and when the benefit coverage begins. |
| Excess Coverage |
Any eligible amount of insurance coverage above the non-evidence maximum. |
| Extended Health Insurance |
A type of health insurance that provides, in one policy, protection for hospital and medical expenses not covered by government programs and usually other health expenses, such as prescribed drugs, medical appliances, ambulance, private duty nursing, etc. The policy may contain a deductible amount, coinsurance and/or maximums for certain benefits. |
| Group Insurance |
Insurance issued, usually without medical examination, on a group of people under a master contract. It is usually issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their insurance. |