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Application for Insurance

An application for insurance is the formal process of requesting coverage from an insurance company. It includes providing personal, medical, and financial information that allows the insurer to evaluate eligibility, assess risk, and determine the appropriate premium and coverage terms. The application serves as both a request for protection and a legal declaration of the information provided by the applicant.

In health, dental, life, and disability insurance, the application may include sections for personal details, lifestyle questions, and medical history. For medically underwritten plans, applicants must disclose pre-existing conditions, medications, and recent medical consultations. Guaranteed issue or simplified issue plans require fewer questions but typically offer lower benefit limits in exchange for reduced underwriting.

Once submitted, the insurer reviews the application, verifies information, and decides whether to approve, modify, or decline coverage. Acceptance of the application by the insurer, along with payment of the first premium, activates the policy.

Example:

If you apply for a personal health insurance plan, the application will ask for your age, province of residence, health conditions, and any other coverage you currently have. The insurer reviews your answers to determine eligibility and finalize your premium.

What to Watch For:

Provide complete and accurate information when completing an application. Any misrepresentation or omission could lead to claim denials or cancellation of the policy later. Review your application summary before signing, and keep a copy for your records as proof of disclosure.

Related Terms

Accident

An accident is an unexpected, sudden, and external event that causes bodily injury, occurring independently of any illness or pre-existing condition. In the context of health and dental insurance, an accident typically refers to physical harm resulting from an unforeseen incident such as a fall, collision, or blow to the body. Accidents are distinct from sickness or degenerative conditions because they are caused by an identifiable event rather than a gradual process.

Accidental Death and Dismemberment Insurance (AD&D)

Accidental Death and Dismemberment Insurance (AD&D) provides a tax-free lump-sum payment if you die or suffer a severe injury as the direct result of an accident. It is designed to offer financial protection for you and your family in the event of an unexpected, accidental injury or loss that causes death, dismemberment, or permanent disability.

Accidental Dental

Accidental dental coverage pays for the repair or replacement of natural teeth damaged due to an accidental blow to the mouth or jaw. This benefit is distinct from routine dental coverage because it applies to emergencies caused by external physical impact, not decay or normal wear.

Actuary

An actuary is a professional who specializes in analyzing financial risk and uncertainty, particularly in the fields of insurance, pensions, and investments. Actuaries use mathematics, statistics, and financial theory to calculate premiums, reserves, and probabilities of future events such as illness, disability, or death. Their work ensures that insurance plans remain financially stable and that companies can meet future claim obligations while staying competitively priced.

Advisor/Agent

An advisor or agent is a licensed professional who helps individuals and businesses understand, choose, and manage insurance and financial products. In the context of health, dental, life, and disability insurance, an advisor’s role is to assess a client’s needs, explain plan options, and recommend solutions that provide appropriate protection within their budget.

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