Looking for the meaning of a particular word? Click on a letter to obtain the list of corresponding words.

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

Accumulation
1) In insurance, this is a technique whereby the insurer invests surplus contributions made for the future. A policy has a high accumulation if the savings component of the premium is high. Note: A sum that is left to grow through the crediting of compound interest is said to accumulate.
2) Pension plans with assets that, at the time of actuarial evaluation, are greater than or equal to the value of the liabilities of the pension/retirement plan at that date, given the members' years of service, are also said to accumulate.

Actuarial Value
The value of a payment or series of payments as of a given date, determined by applying a set of actuarial assumptions.

Actuary
An individual specialized in the analysis and processing of the financial repercussions associated with insurance. Actuaries' duties include defining contingencies resulting from events that contain an element of uncertainty, determining their probability as well as their parameters, evaluating the possible financial implications of these uncertain events, participating in the development of products and financial security plans that protect against the possible repercussions of these risks and defining premium systems, estimating costs of products and plans as well as evaluating the present and future financial situations of entities assuming these risks.

Additional Benefits
Benefits provided in addition to the basic benefit. There are numerous such extended benefits, including waiver of premiums, disability benefits, etc.

Additional Premium
An extra amount added to the normal premium for extra risk the insured person represents. For example, an extra premium may be charged to individuals who engage in dangerous sports. Synonym: Surcharge.

Annuity
A contract under which a series of periodic payments are made by a financial institution to an individual for a specified period of time. These payments are usually made monthly.

Annuity Certain
An annuity that is payable for a specified number of years regardless of any unforeseen event or circumstances.

Applicant
The person who fills out and signs a written application for insurance.

Application
Means the Company’s standard written application form for the purchase of a Contract under the Desjardins Financial Security Guaranteed Investment Funds Plan.

Application for Insurance
The form used by an individual or corporate body to apply for an insurance contract. This form contains the information the insurer requires to form an opinion on the risk to be underwritten.

Assuris
Assuris mission is to mitigate the impact on Canadian policyholders in the event of the financial failure of a life insurance company. It works in partnership with regulators on any necessary interventions, seeking to both minimize long-term costs and preserve consumer perceptions of industry strength. Current and prospective policyholders are advised to read the Assuris brochure for more information on the nature and extent of this protection.

Autorité des marchés financiers
The Autorité des marchés financiers is the regulatory body for Quebec's financial sector. It protects consumers, enforces applicable regulations, and monitors financial markets.