This glossary is meant to make people take into consideration insurance vocabulary, more specifically life insurance vocabulary. It can help people to solve their incomprehension in the field of insurance, because sometimes, people that mainly speaks French, don't know what the actual word is in English.
The glossary contains 12 terms related to the insurance field. It also contains its features and resources.
The method that has been used to find the words is, my own class notes.
Actuary
noun
A person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums.
Example: We need the advice of a qualified actuary using the projected unit method.
en: Actuaire
Annuitant
noun
The person who receives payments from an annuity. It can also refer to the person on whose life the payments are based or the policyholder.
Example: As the money is removed from the fund, the annuitant is taxed on the payments.
en: Rentier
Beneficiary
noun
The person you name to receive the payment from your insurance policy. In the case of life insurance, if you don't name a beneficiary, the payment goes to your estate.
Example: Likewise, the fact that the beneficiary was careless in handling affairs related to her trust property may render her an unworthy owner, but it should not make her beneficiary interests any less hers.
en: Bénéficiaire
Deductible
adjective
A specified amount of money that the insured must pay before an insurance company will pay a claim.
Example: In every country there are different regulations regarding expense claims - whether they are tax-deductible.
en: Déductible
Face amount
noun
Also called the "sum insured", the face amount is the amount stated on your policy that your insurance company guarantees to pay when the insured person dies. It doesn't include amounts payable under accidental death coverage or other special provisions.
Example: The meaning of FACE AMOUNT is the amount of money payable under an insurance policy at the time of a loss.
en: Montant assuré
Grace period
noun
A period in which an insurance policy is effective even though the premium is past due.
Example: I have a six-month grace period before I have to begin paying back my student loans.
en: Délai de grâce
Insurance quote
Noun
An insurance quote is an estimate from an insurance company of how much a new insurance policy will cost.
Example: You should apply for an insurance quote for your car.
en: Soumission d'assurance
Lapsed policy
noun
When policyholders stop paying premiums and when the account value of the insurance policy has already been exhausted, the policy lapses. A policy does not lapse each and every time a premium payment is missed.
Example: She didn't pay the premium and her life insurance policy lapsed.
en: Police d'assurance expirée
Policyholder dividend
noun
If you have a participating insurance policy, a policyholder dividend is a payment your insurance company makes to you when the company performs well.
Example: A mutual insurance company is owned by its policyholders, and returns part of its profits to the policyholders as dividends.
en: Participation aux titulaires de police
Reinsurance
noun
The practice whereby insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim.
Example: An insurance company might insure commercial property risks with policy limits up to $10 million, and then buy per risk reinsurance of $5 million in excess of $5 million.
en: Réassurance
Standard risk
noun
A person who qualifies to buy insurance at the company's regular premium rates.
Example: A standard risk refers to an insurance risk that an insurance company's underwriting standards considers common or normal.
en: Risque standard
Underwriting
noun
The process an insurance company goes through to decide whether or not to insure someone.
Example: In traditional underwriting , a person must look at all of your information to assess risk.