Glossary
Most of the definitions below are provided courtesy of the Insurance Institute of Canada. Definitions provided by Insurance Bureau of Canada are indicated with an asterisk ("*").
The language of insurance can be quite complex and confusing. Below are some commonly used insurance terms and their meanings. Insurance professionals with whom you may come into contact should be prepared to explain these terms. If you don't understand, ask!
This information is for educational purposes only and should not be relied upon to form professional opinions on coverage issues.
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- Waiver
- The intentional relinquishment of a known right. A waiver under a policy is required to be clearly expressed and in writing.
- Waiver of Co-insurance
- A fire insurance contract clause that states that co insurance does not apply unless the amount of loss exceeds a certain amount.
- Waiver of Subrogation
- A condition of an insurance policy which states that the coverage will not be prejudiced if the insured has waived any rights of recovery from a responsible party in writing prior to a loss.
- Warranty*
- A statement by the policyholder that certain conditions of the insured risk exist or will be met. If found to be false, it provides the basis for voidance of the policy.
- Water Damage Clause
- A portion of the policy affording coverage for certain specific causes of water damage.
- Windstorm Insurance
- Protection against damage done to property by unusually high winds, cyclones, tornadoes or hurricanes. This coverage is available under the extended coverage endorsement of property policy.
- Without Prejudice
- An action taken during claims negotiations designated as "without prejudice" is intended to be without detriment to the existing rights of the parties.
- Write
- To insure, to underwrite or to accept an application for insurance.
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