Glossary
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Accidental death benefit
When the insurer pays a specific dollar amount in case of death by accident.
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Accidental death and dismemberment insurance
A benefit that pays a specific dollar amount in the event of death or loss of one or more body parts (such as hands or feet) or loss of sight in an accident.
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Application
The statement of information you make to request insurance. It identifies the plan and coverage options you choose, and any required information about you or the person insured.
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Beneficiary
The person who receives money from the insurance company (if you have the benefit) in the event of your death.
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Benefit
The amount the insurance company will pay for a specific event (such as death) or service (such as hospital visits) you need, according to the details of your policy.
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Claim
The process for getting payment from the insurance company for covered services that you need or have paid for up front.
Covered expenses: The specific amounts (such as hospital, medical and otherhealth care expenses) that your insurance policy agrees to pay. -
Deductible
The amount you must pay for covered services before the insurer will pay for them. For example, if a covered service costs $500, but you have a $100 deductible, you will pay $100 and the insurance company will pay $400.
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Effective Date
The date that your insurance policy starts covering you.
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Emergency Room
The part of a hospital that is open 24 hours a day, 7 days a week, for emergency care. You often have to wait a long time in the emergency room, but it is the best option if your life is in danger, or if you need care late at night or on a weekend.
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Expiry Date
The date that your insurance policy stops covering you. To stay covered, you need to renew your insurance before this date.
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Group Insurance
Insurance that covers a large, defined group of people such as all the students at a school, all the workers at a business, etc.
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Health Insurance
Insurance that deals specifically with expenses because of a sickness or injury. Includes various types of insurance, such as accident insurance, disability income replacement insurance, medical expense insurance, and accidental death and dismemberment insurance.
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Hospital
A large medical building that offers emergency care and other medical treatment, including surgery, doctors, tests, and a range of specialist treatments. The Emergency Room is open 24 hours a day, 7 days a week for urgent cases, but there is often a long wait time to see a doctor.
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Individual Insurance
Insurance that covers only one person or sometimes members of his or her family.
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Insured
See “Policyholder”
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Insurer
The company or person that promises to pay the policyholder for covered services. Also, any company with a license to provide insurance to the public.
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Life Insurance
Insurance that deals specifically with the death of the policyholder. Life insurance will pay money to the beneficiary when the policyholder dies.
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Policy
The official legal document that has all the information about the conditions and terms of the insurance. It is also called the contract. The insurance company gives the policy to you when you buy insurance.
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Policyholder
The person who owns an insurance policy. Also called the “insured”. In international student health insurance, this is the same person who is covered by the policy.
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Refund
Money that is paid back to you for a portion of your insurance if you never needed it, such as if you never come to Canada or you return home early.
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Sum insured
The total amount that the insurer will pay for all benefits under a policy.
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Walk-in clinic
A type of doctor’s office where you don’t need to be a regular patient and you don’t need an appointment. When you arrive, you will be asked to register and provide some basic information, and then you will wait until the next doctor is available to see you. This is often the fastest way to get medical care in Canada.