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Insurance Glossary
Here is a list of some of the frequently used insurance terms found throughout the pages of this Web site. If you can't find a term you would like defined in the alphabetical list below, feel free to call us at 1-877-261-8CAA (1-877-261-8222), Monday through Friday, from 8 a.m. to 8 p.m. ET, or e-mail am_caa@manulife.com any time. We would be happy to help you with any insurance questions you may have.
All definitions provided are examples. Consult your policy for the terms that apply to your coverage.
For a definition, click on the letter that the insurance term begins with:
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A
Accident Insurance
Provides benefits to the person insured in the event of an accident.
Age
An insured must fall between the minimum and maximum ages stipulated by an insurance plan to be eligible for coverage (as long as they also pass underwriting requirements).
Application
A signed document of personal and health related information supplied by a person applying for insurance. An insurer uses the application to decide whether or not to provide coverage to that person.
Association Group
A group formed of members from a professional association who have applied for group insurance under one large insurance contract.
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B
Beneficiary
The person, other than the insured or the insured's estate, to whom or for whose benefit, insurance money is made payable by contract or designation.
Benefits
The amounts paid to a claimant or beneficiary under the coverage of a policy.
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C
Cancellation
At the request of the insured or by the right of the insurer, the insurance policy is made void before its normal expiration date.
Cancer
For Critical Illness Insurance, a tumour characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue as confirmed by histological examination of tissue samples. The following cancers are excluded from coverage:
- Carcinoma in situ;
- Stage 1A malignant melanoma (melanoma less than or equal to 1.0 mm in thickness, not ulcerated and without level IV or V invasion)
- Any non-melanoma skin cancer that has not become metastatic (spread to distant organs);
- Stage A (T1a and T1b) prostate cancer;
- Any tumour in the presence of any human immunodeficiency virus (HIV).
Certificate
A document issued to a person insured under a group insurance policy.
Child Life Insurance
A term life insurance plan that provides coverage for one or more of your eligible children. This coverage is a rider on another life insurance plan.
Claim
A request for benefit payment under the terms of an insurance policy.
Claimant
The person(s) making a request for payment of benefits under the terms of an insurance policy.
Coronary Arterial Bypass
For Critical Illness Insurance, when you have undergone heart surgery to correct narrowing or blockage of one or more coronary arteries with bypass grafts. This excludes non-surgical techniques such as balloon angioplasty or laser relief of an obstruction.
Coverage
Another term for the protection offered under an insurance policy. Coverage is used interchangeably with the terms insurance or protection.
Critical Illness Insurance
An insurance plan that pays benefits directly to the insured individual following diagnosis of a specified critical illness. Critical illness coverage is typically recommended as a means of preserving one's lifestyle in the face of unforeseen costs not covered by other types of insurance.
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D
Death Benefit
The amount of money paid to a beneficiary when a person insured under a life insurance policy dies.
Death Claim
A request for payment under the terms of a life insurance policy when an insured person dies.
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E
Effective Date
The date when insurance coverage begins.
Eligible Children
Children of Members enrolled in the Term Life Insurance Plan are eligible for coverage under the Child Life Plan if they are unmarried, dependent on the Member for support and over 14 days and under 21 years of age (or under 25 years of age, if attending school or university full-time). Once Child Life Insurance is in force, newborn children are automatically insured, at no additional charge, on reaching 15 days of age.
Exclusions
Specific causes of death, circumstances and health related conditions or any other losses for which an insurance policy does not provide benefits.
Extended Health and Dental Insurance
Health and dental benefits provided under an insurance policy. Benefits may include drug prescriptions, alternative therapies and optional dental care and treatment.
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F
Face Amount
The dollar amount shown on the first page of a policy. This amount is normally payable to a beneficiary when an insured person dies.
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G
Grace Period
A period of time which acts as a cushion to ensure coverage is not cancelled if a payment is missed. If all payments due are not received within this period of time (or grace period) from the date a payment is missed, the insurance policy is cancelled.
Group Insurance
A single policy which has been issued to a group or association, whereby members of the group can apply for coverage under the group policy.
Guaranteed Issue
An insurance plan for mature Canadians that guarantees insurance coverage regardless of health. Rates are based on age at the time of application.
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H
Heart Attack (Myocardial Infarction)
For Critical Illness Insurance, the death of a portion of the heart muscle due to atherosclerotic heart disease. The diagnosis must be based on all of the following criteria occurring at the same time: A new episode of typical chest pain or equivalent symptoms; and resulting from the blockage of one or more coronary arteries; and new electrocardiographic changes indicative of myocardial infarction; and biochemical evidence of myocardial necrosis including elevated cardiac enzymes and/or troponin; and excluding minor heart attacks that do not meet all of these criteria.
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I
Insured
A person covered under the terms of an insurance policy.
Insurer
The company providing the insurance coverage (e.g. Manulife Financial).
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K
Kidney Disease
For Critical Illness Insurance, end stage renal disease, due to whatever cause or causes, with the Insured undergoing regular peritoneal dialysis or hemodialysis or having received a kidney transplant.
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L
Lump Sum
A single payment, paying a benefit in full.
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M
Major Organ Transplant
For Critical Illness Insurance, the receipt of a human transplant of a heart, liver, lung or bone marrow, due to irreversible failure of such organ.
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P
Policy
The legal document issued by an insurance company to a policyholder, which outlines the conditions and terms of the insurance.
Policyowner or Policyholder
The person who owns the insurance policy.
Premium
The cost of insurance coverage. A premium can be paid monthly or annually.
Protection
The insurance provided under the terms of an insurance policy. Also referred to as coverage.
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R
Rider
An optional benefit or coverage that is attached to, and dependent on, other coverage.
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S
Stroke
For Critical Illness Insurance, a cerebrovascular incident causing infarction of your brain tissue, due to intracranial hemorrhage, thrombosis or embolism, producing a new measurable permanent clinical neurological deficit persisting for at least 30 days following the occurrence of the stroke. Transient Ischemic Attacks (TIA) and neurological deficits caused by external trauma are specifically excluded.
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T
Term Life Insurance
A life insurance plan that provides coverage for a specified number of years. For instance, an insured can purchase a 10-year term life insurance plan and pay the same premium amount each year for the duration of the term. After 10 years, the coverage can be renewed at a higher price or cancelled. If the insured survives the stated period, the insurance policy expires without any value.
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U
Underwriter
The person who decides the risk level of a potential insured applying for insurance protection. Also, the person or company that ensures money is available to pay for claims under the insurance policy. Manulife Financial is the underwriter of the insurance plans described on this Web site.
Underwriting Requirements
The requirements used to assess whether an insured is eligible for insurance coverage. A person’s age, the amount of coverage requested, medical records and physical examinations are generally used to decide if an insured will pass the underwriting requirements necessary for the insurance coverage and amount they have applied for.
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Have we missed an insurance term that you would like defined?
Let us know by calling 1-877-261-8CAA (1-877-261-8222) Monday through Friday, from 8 a.m. to 8 p.m. ET, or e-mail am_caa@manulife.com any time.
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