Acronyms & Definitions

Question 1

A+S

Answer 1

Accident and sickness

Question 2

ACB

Answer 2

Adjusted cost basis

Question 3

AD+D

Answer 3

Accidental death and dismemberment

Question 4

ADLs

Answer 4

Activities of daily living

Question 5

APL

Answer 5

Automatic premium loan

• could pay loans while you are off/recovering
• can be paid back in full once you are back to work

Question 6

APS

Answer 6

Attending physicians statement

Question 7

ASO

Answer 7

Administrative services only

Question 8

BOE

Answer 8

Business overhead expense insurance

Question 9

Cash Flow

Answer 9

Statement covers a certain period of time

Question 10

CCPC

Answer 10

Canadian controlled private corporation

Question 11

COB

Answer 11

Coordination of benefits

Question 12

CI

Answer 12

Critical illness

Question 13

COLA

Answer 13

Cost of living adjustment

Question 14

CPI

Answer 14

Consumer price index

Question 15

CPP

Answer 15

Canada pension plan

Question 16

Creditor Disability Insurance

Answer 16

ie- mortgage insurance
- pays loan out and nothing more

Type- group (1yr term)
Policy holder- creditor
Beneficiary- creditor
Life Insured- borrower

Limited underwriting
Disability def: total disability/ any occ

Question 17

DI

Answer 17

Disability insurance

Question 18

EAPs

Answer 18

Employee assistance plan

Question 19

EHTs

Answer 19

Employee health trusts

Question 20

EI

Answer 20

Employment insurance

Question 21

ESDC

Answer 21

Employment and social development Canada

Question 22

ETP

Answer 22

Exempt test policy

The notional test policy used to determine MTAR (maximum tax actuarial reserve)

Question 23

FPO

Answer 23

Future purchase option

Question 24

GIO

Answer 24

Guaranteed insurability option

Question 25

HELOC

Answer 25

Home equity line of credit

Question 26

HWTs

Answer 26

Health and welfare trusts

Question 27

Individual Policy TYPES

Answer 27

1- Non-Cancellable (Non-Can)(non-can + guarentted) 2- Guaranteed Renewable 3- Cancellable

Question 28

LTC

Answer 28

Long-term care

Question 29

LTD

Answer 29

Long term disability

Question 30

MIB

Answer 30

Medical information bureau

Question 31

Net worth

Answer 31

Net worth = Assets - liabilities On a specific date

Question 32

QPP

Answer 32

Quebec pension plan

Question 33

QPIP

Answer 33

Quebec provincial parent insurance plan

Question 34

RDSP

Answer 34

Registered disability savings plan

Question 35

RFQ

Answer 35

Request for quotes

Question 36

ROP

Answer 36

Return of premium

Question 36

RRSP

Answer 36

Registered retirement savings plan (accounts)

Question 38

STD

Answer 38

Short term disability

Question 39

WCB

Answer 39

Workers compensation board

Question 40

GIB

Answer 40

Guaranteed insurability benefit

Question 41

MEPP

Answer 41

Multi employer pension plan