Life Insurance



Accident Insurance

Coverage that can provide benefit (payment) to you or your survivors if a covered accident results in a covered loss.

Accidental Death Benefit

Coverage against accidental loss of life.


Your age as of a specified date (i.e., the effective date) may be used when determining your eligibility for coverage, your premiums, your benefit amount or your termination date.


A document of personal and health-related information supplied by a person applying for insurance. An insurer uses the information on the application (and sometimes additional information the insurer requests) to decide whether or not to provide coverage to that person.

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The person(s) identified on the insurance certificate or policy to receive payment (benefits).


The amount of money payable on a successful claim.

Billing Date

Date the premium is charged to the customer.

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The termination of coverage when, at the request of the insured or by the right of the insurer, the insurance is made void before its normal expiration date.

Certificate holder

The person who owns and holds all rights under the certificate, including the power to name and change beneficiaries (except when the beneficiary is an irrevocable beneficiary).

Certificate of Insurance

A written document that serves as evidence of insurance coverage and contains pertinent information about the benefits, coverage and owner, as well as all exclusions in coverage and obligations of the insured and the insurer (usually the insurance company).


Request for payment of benefits under the terms of an insurance certificate or policy.


Person or party making request for payment of benefits under the terms of an insurance policy.

Critical Illness Insurance

Coverage that can pay a benefit should you be diagnosed with a covered critical illness and survive for a pre-determined period of time. With PC® critical illness insurance, there are no restrictions on how you use your benefit.

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Death Benefit

Amount paid on death of an insured.


A written diagnosis by a doctor of an insured individual’s covered condition. The effective date of the diagnosis will be the date the diagnosis is established by the doctor, as supported by the insured individual’s medical records.


Inability to work due to injury or sickness.

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Effective date

The date when insurance coverage begins.

Evidence of Insurability

Documents submitted to the insurance underwriter that are used to determine whether an individual is eligible for the insurance coverage the individual has applied for.


A specific condition or circumstance listed in the certificate or policy that is not covered by the certificate or policy.

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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.

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Person who is protected under a specific policy.


The party in an insurance contract that promises to pay a benefit if a specified loss occurs. Usually an insurance company.

Irrevocable Beneficiary

The person identified on the insurance certificate or policy to receive payment (benefit) that cannot be changed at a later date without their consent.

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Termination of an insurance certificate or policy due to the required premium(s) not being paid.

Life Insurance

Insurance that pays a benefit upon the death due to covered circumstances of the person insured.

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The time when a policy or annuity reaches the end of its life span.

Medical Information Bureau (MIB)

The MIB is a non-profit association of life insurance companies. Its purpose is to detect and deter fraud by providing warnings – called alerts – to member companies. For example, if an insurance applicant advised one insurance company of a heart attack and then applied to another insurance company omitting this history, codes reported by the first insurance company indicating a heart attack would alert the second insurance company to the undisclosed history.

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Typically defined as a person who has not used any form of tobacco product or nicotine surrogate within the 12-month period immediately preceding the date of his or her application for insurance. Always refer to the actual definition of the specific insurance you are applying for.

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Policy Date

See “Effective Date”.


Amount payable, by a client, for a selected insurance product or service.

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The time period during which a policy is in force, or the time it takes for a policy to reach a renewal date or maturity.

Term Life

A product that provides life coverage for a specified duration.


The end of all legal obligations under a contract.

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A company that uses various types of evidence to evaluate the insurability of a client and takes on the obligation to make payments to the beneficiary for successful claims.

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Waiver of Premium

A benefit that allows the insurer to pay premiums on behalf of the insured.


We're cooking up something great!

As you explore our website, you’ll notice some pages look a little different than others. That’s because we’re in the process of redesigning our entire site.

All the information you need is still available. Watch out for more exciting changes coming soon!


Nous vous concoctons un petit quelque chose!

Lorsque vous naviguez sur notre site, vous remarquerez que l’apparence des pages varie parfois. Cela est dû à la cure de rajeunissement que subit présentement tout notre site Web.

Tous les renseignements dont vous avez besoin s’y trouvent toujours. D’autres changements excitants suivront bientôt!