Every insurance term, in plain English.

The medical, rehab, and income-replacement payouts your own auto policy provides after an accident — regardless of who caused it. In Ontario these are governed by the Statutory Accident Benefits Schedule (SABS). The July 2026 reform moves four of these benefits from mandatory to optional.

The replacement cost of an item minus depreciation. The cheaper, less generous alternative to "replacement cost" coverage.

The carrier employee (or independent contractor) who investigates a claim, sets the payout amount, and writes the cheque.

The interest a credit card charges on unpaid balances, expressed yearly. Most Canadian cards sit in a 19.99–21.99% range on purchases.

A claim where you are deemed 50% or more responsible. Counts toward your driving record for 6 years and typically raises your premium materially at next renewal.

Reimbursement for paid help with daily living tasks (bathing, dressing, meal prep) after a serious auto accident. Under Ontario’s Statutory Accident Benefits Schedule (SABS, O. Reg. 34/10, s.19), the monthly cap is $3,000 for non-catastrophic injuries (payable for up to five years) and $6,000 for catastrophic impairment (payable for life). Both draw against the combined SABS medical/rehab/attendant care pool.

The person (or estate) who receives the payout when a life-insurance policyholder dies. You can name multiple beneficiaries and assign percentages. Naming your estate triggers Ontario probate fees; naming a person directly does not.

A temporary proof of coverage your broker issues the moment you bind a policy — valid until the formal contract arrives.

Buying two or more policies (typically auto + home) from the same carrier for a discount. Discount sizes vary by carrier and profile.

A RIBO-licensed intermediary who shops multiple carriers on your behalf, paid by commission from the chosen carrier. Different from an "agent," who works for a single carrier.

The portion of your auto liability limit that pays for injuries to others when you're at fault. The Ontario legal minimum is $200,000 combined.

A defined level of injury (paralysis, brain injury, severe burns) that unlocks the highest Ontario accident-benefit limits — up to $1 million in medical and rehab.

A credit-card reward paid as a percentage of every dollar spent. Typically 1–4% depending on category.

A formal request to your carrier to pay for a loss covered by your policy.

Optional auto coverage that pays to repair your own vehicle after a collision you caused (or a hit-and-run). Usually pairs with a $500–$1,000 deductible.

Optional auto coverage for non-collision damage — theft, vandalism, hail, wildlife, falling objects. Often called "Other Than Collision."

The ratio of what you owe to your total credit limit. Below 30% is considered healthy; below 10% is optimal for credit-score growth.

The amount you pay out of pocket before insurance kicks in on a claim. Higher deductibles mean lower premiums.

An Ontario rule that lets you claim from your own insurer (not the at-fault driver's) for vehicle damage. Expanding July 1, 2026 to cover parking-lot incidents and single-vehicle road-hazard damage.

An add-on to a life-insurance policy that waives premiums or pays a benefit if you become unable to work.

The portion of a home policy that pays to rebuild the structure itself, separate from contents.

Ontario's insurance regulator. Approves carrier rate filings, enforces the Insurance Act, and licenses brokers.

Ontario's insurer of last resort. Provides coverage to drivers no standard carrier will accept — typically those with multiple at-faults or recent licence suspensions.

Payments your own policy makes to you, regardless of fault. Includes all Ontario accident benefits.

The portion of Ontario accident benefits that pays a weekly amount if injury prevents you from working. Standard tier under current SABS: $400/week, 70% of gross income. Becomes tiered opt-in after July 1, 2026.

The legal requirement that a policyholder must suffer a real loss if the insured item is damaged or the insured person dies. You can't insure your neighbour's house or your coworker's life.

The core insurance principle: payouts restore you to your financial position before the loss, but no further. Insurance compensates; it doesn't enrich.

The Ontario tribunal that resolves accident-benefit disputes between drivers and carriers. Replaced court-based disputes in 2016.

A policy that has ended because the policyholder didn't pay the renewal premium. Lapses of more than 30 days hurt your rating at the next carrier.

An optional auto coverage that pays for transportation (rental, taxi, ride-share, transit) while your vehicle is being repaired or replaced after a covered claim. Added to a policy via OPCF 20.

The Ontario rule that caps medical-and-rehab payouts at $3,500 for sprains, strains, whiplash without neurological signs, and similar soft-tissue injuries. Category list expanding from 6 to 11 entries on July 1, 2026.

Life or disability coverage tied to a specific mortgage balance. Often worse value than independent term life with the same death benefit.

The Ontario endorsement that adjusts (typically reduces or removes) the deductible specifically for glass claims — windshield repair or replacement. Often paired with a small premium increase in exchange for predictable out-of-pocket on glass.

The Ontario endorsement that suspends specified coverages on a vehicle you are not using — common when storing a vehicle for winter or after deregistering plates. Pair with OPCF 17 to reinstate.

The Ontario endorsement that reinstates coverage previously suspended under OPCF 16. Used when bringing a stored or deregistered vehicle back into use.

The Ontario endorsement that caps the maximum payout for loss-or-damage coverages (collision and comprehensive) at a stated amount. Often used for older vehicles where actual cash value sits well below standard valuation tables.

The Ontario endorsement that adds transportation-replacement coverage (rental, taxi, ride-share, transit) while your vehicle is being repaired or replaced after a covered claim. The formal name for what insurers commonly market as "Loss of Use."

The Ontario Policy Change Form that extends your liability and certain physical-damage coverage to other vehicles you don't own but drive (rentals, borrowed cars).

The Ontario endorsement that excludes a specific named driver — usually a household member — from coverage on the policy. Claims arising from that person operating any vehicle on the policy are not covered. Sometimes required by a carrier when a high-risk driver shares the household.

The Ontario endorsement under which the policyholder agrees in writing not to operate the insured vehicle. Used when the primary insured no longer drives (licence suspended, medical reasons) but the vehicle remains insured for other drivers.

Accident Waiver. The Ontario endorsement that protects your driving record (and renewal premium) from being charged for your first at-fault accident, subject to specific eligibility rules. Addresses premium impact at renewal — not your deductible on the claim itself.

The Ontario endorsement that sets a separate deductible specifically for fire and theft claims, distinct from your overall comprehensive deductible.

Waiver of Depreciation. The Ontario endorsement that pays the original purchase price (or replaces with a comparable new vehicle) in the event of a total loss, instead of depreciated actual cash value. Typically available only on new vehicles within their first 24–30 months of ownership.

Family Protection Coverage. Protects you against under-insured at-fault drivers by topping up their inadequate liability limit with your own.

The Ontario endorsement that extends your auto policy to a leased vehicle — distinct from OPCF 27, which covers short-term rentals and borrowed cars.

Agreement Concerning Reduced Benefits. The legacy Ontario endorsement that documented elections to opt out of certain accident benefits under the pre-2026 SABS framework. Being replaced by OPCF 47R on July 1, 2026 for the new optional-benefits regime.

Optional Accident Benefits Coverage & Priority of Payment. The new FSRA-approved Ontario endorsement that comes into effect on July 1, 2026 — replacing OPCF 47. Records which optional accident benefits the driver elected (or declined), and removes the "wrong-insurer-first" priority trap that could previously block access to optional benefits already paid for.

The Ontario endorsement that combines specific coverages across multiple vehicles on the same policy — used in multi-vehicle households to share certain limits or simplify claim administration.

What you pay the carrier to keep your policy active — monthly, semi-annually, or annually.

A health condition you had before applying for life insurance. Disclosure is required; non-disclosure voids the policy.

A home-coverage option that pays the full cost to rebuild without depreciation. Standard on most Ontario home policies above $400k dwelling value.

The Registered Insurance Brokers of Ontario. Licenses every Ontario broker. KLC Group Canada Inc., the insurance referral partner of TopRates.ca, plans RIBO registration alongside the 2027 P&C launch.

An optional add-on to a life-insurance policy that customizes coverage — child rider, disability waiver, critical illness, return of premium.

The Statutory Accident Benefits Schedule — the Ontario regulation that defines every accident-benefit category, limit, and dispute process. Materially revised under the July 2026 reform.

A specific cap inside a broader coverage. Most home policies have sub-limits for jewellery, bikes, and cash — even with high overall contents coverage.

After paying your claim, your insurer's right to pursue the at-fault party (or their insurer) to recover the money.

A program where you let your insurer monitor driving (via phone app or plug-in device) for 90 days in exchange for a discount. The discount may shrink or disappear at renewal.

A life-insurance policy that covers a fixed period (10, 20, 30 years) at a level premium, with no investment component. The simplest and most affordable form of life coverage.

A lawsuit against the at-fault driver for pain, suffering, and lost income beyond what accident benefits pay. Subject to a deductible on general damages.

The process a carrier uses to assess your risk and decide whether (and at what price) to insure you. Auto underwriting takes seconds; life underwriting can take weeks.

Mandatory Ontario coverage that protects you if an uninsured or hit-and-run driver causes your injury or death.