The replacement cost less any depreciation and market value. Taking into account factors such as the condition of the property immediately before the loss or damage, the resale value, and the normal life expectancy.

A person other than the named insured who is protected by the terms of the policy. Most automobile policies, for example, insure a specific individual as an insured, but also insure anyone driving with that insured's consent. The additional insured may be "named" or "unnamed." with consent by the insured owner of the auto.

A person who is licensed by a provincial or territorial regulator to sell life insurance, accident and sickness insurance, group insurance and annuities, including segregated funds. Also called an agent or a broker.

The payment an insurance company makes when they approve an insurance claim.

See advisor.

During the policy period, either the insurer or the customer may terminate coverage according to provisions in the contract.

The cash amount that builds up in a permanent life insurance policy. You can take a loan against the cash value of your policy. If you cancel your policy, you get the cash value. Whole life, variable life and universal life are types of life insurance that have cash value.

A formal request to an insurance company for payment of a benefit.

An arrangement in a health or dental insurance plan where you and the insurance company share the cost of the items covered. You usually pay a set percentage (e.g., 20% paid by you and 80% paid by the plan).

COLA is an adjustment to an amount (such as a salary or benefit) based on inflation. For example, a salary might be increased by 3% every year to keep pace with the rate of inflation (i.e., a salary of $30,000 will not afford the same standard of living in 2009 as it will in 2020).

A contingent beneficiary is also known as a secondary beneficiary. Primary beneficiaries are first in line to receive benefits. Secondary beneficiaries receive a benefit if the primary beneficiary for that specific share has already died when the benefit becomes payable.

Families with two working adults may be covered by more than one health or dental plan. If your primary plan doesn't pay the full amount of an expense, you can submit a claim to the other plan for the balance. In this way, you can receive up to 100% of your expense.

Curo Canada is part of the OTIP group of companies, and adminstrates home, auto and bodily injury claims services for OTIP and TW Insurance in Ontario and Alberta.

A type of insurance that makes regular payments (usually monthly) to replace income if you become disabled and unable to work. It's usually provided as part of a group plan, but you can also buy it on its own.

E&O insurance is business liability insurance for professionals such as insurance brokers and real estate agents.  An error or omission is a mistake, which causes financial harm to another, which can occur on almost any transaction in any profession. This type of insurance helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered professional services.

The length of time you must be an eligible member of a plan before you can be covered under the group plan. For example, an organization whose health and dental plan has a 90-day eligibility period would require a member to be in a position that is eligible for benefits for 90 days before coverage could begin.

Expenses that are covered under a health or dental plan. Depending on the coverage provided, you may have to pay a share of the expenses.

The information an insurance company uses to decide whether or not to insure you. It's often called "proof of good health". The information may include medical, lifestyle, smoking and other personal information.

The person who is insured on the insurance policy. He or she is also the "policyholder" or "insured." There may be other people, named or unnamed, who are covered as well.

The cancellation of a policy as of the effective date with all paid premium refunded.

Insurance you buy as an individual from an advisor or insurance company. This differs from group insurance, which you may have through your employer.

See Policyholder

An insurance company that issues policies and promises to pay benefits.

Describes the intent of the policy, just what insurance coverage is provided by the policy and in what limits.

You cannot change the beneficiary unless you have written permission from this person.

If you live in Quebec: Naming your spouse (must be a civil union) as a beneficiary automatically means that he/she is an irrevocable beneficiary, unless you check off the Revocable box. Be sure to update your coverage and beneficiary if your family status changes (e.g. divorce).

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.

A type of insurance that pays out when the insured person dies.

LTD benefits provide a monthly income replacement benefit when an insured member becomes ill or injured and is unable to initially perform the significant duties of their regular assignment and subsequently if their illness or injury prevents them from being gainfully employed.

OMERS is one of Canada’s leading pension funds and represents more than 900 employers and 390,000 members, retirees and survivors, including non-teaching school board staff. Members can access individual life, Critical Illness, Long-term Care and can apply to RTIP if they were education employees within OMERS.

The person insured under a group insurance, group benefit, group pension, or group savings plan (for example, an employee, union member or association member).

The holder of a group insurance, group benefit, group pension, or group savings plan. It can be any organization that provides group benefits to its members, for example an employer, union or association.

Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals.

The legal agreement between you and your insurance company that sets out the terms of your insurance coverage.

The maximum amount an insurer will pay under a policy, either overall or under a particular coverage.

The person who owns an insurance policy. Also called the policyowner.

A claim procedure required by many group plans before you incur large expenses. For example, if you need major dental work, your plan may require you to obtain and submit an estimate of the costs so your insurer can determine what portion of the costs your plan will cover (called a pre-determination of benefits) before you receive treatment. You can then budget for the expense knowing how much your plan will pay and how much you'll have to pay. You may be able to cover some of your costs under your spouse's or partner's plan.

A medical condition for which you've had symptoms, consulted a medical professional or received treatment before you apply for insurance or before your coverage takes effect. Some types of insurance have pre-existing condition clauses which may limit or exclude benefits if you make a claim related to that condition.

An insurance premium is the money the policyholder pays to the insurer for financial protection against specific risks for a specific time-span. Unlike the premiums for many forms of life insurance, general insurance premiums are not intended to produce a reward other than financial peace of mind.

When an OTIP employee completes an enrolment, such as a beneficiary designation, on your behalf.

In disability insurance, you have to be continuously disabled for a certain amount of time before you are eligible to receive benefits. This amount of time is the qualifying period or elimination period. These two terms can be used interchangeably (in the past, OTIP sometimes referred to this period as a "waiting period"). You won't receive benefits for the elimination period.

An estimate of the cost of insurance, based on information supplied to the insurance company.

A type of term life insurance that can be renewed at the end of the term, either automatically or at the policyholder's option, without evidence of insurability. The amount you pay for the insurance (the premium) is usually fixed and guaranteed not to change for the length of the term. When the insurance renews, the premium increases, based on your age.

You can change your beneficiary at any time without their permission.

A type of life insurance that provides coverage for a set period of time. The period (or term) of the coverage can be either a fixed number of years (e.g., 10 years) or to a set age (e.g., age 65). The policy has no cash value.

Insurance designed to pay for certain unexpected costs that may arise when you are travelling outside your home province or Canada. These costs may include emergency hospital and medical costs, trip cancellation and lost baggage. Some travel insurance coverage includes an accidental death benefit.

A federal corporation under OTIP/RAEO Insurance Brokers Inc. with offices in Fort McMurray and Edmonton, AB. TW provides a full range of insurance solutions including home, auto and personal insurance products. TW stands for TrustWorks.

An underwriter is an employee of an insurance company who looks at an insurance application and decides whether or not the insurance company can or should provide the applicant with insurance, based on the risk that person presents.

The process an insurance company goes through to decide whether or not to insure someone and/or under what terms or conditions.

A feature of some insurance policies that allows you to stop paying the premiums if you become disabled.

The WSIB promotes workplace health and safety, and provides a workers’ compensation system for the employers and workers of Ontario.