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Insured - When you use less than 20% down to purchase, by Canadian law your mortgage requires insurance from a national provider (CMHS / Sagen). This insurance is to protect a Lender's investment in case of default and foreclosure.  Mortgage insurance is the solid foundation upon which all mortgage financing in Canada is built upon. It makes investing in mortgages incredibly safe, which in turn invites lots of investors to offer funds to lend.

The borrower pays a lump sum at the time of purchase (included in financing). The mortgage remains "Insured" or "Insurable" until it's refinanced. 

Because insured lending is so low risk, it also comes with the lowest rates! 

Insurable - A mortgage is considered "Insurable" when the borrower has paid down their balance so that more than 20% of equity is available. Insurable rates are also quire good. General rule of thumb = the more equity you have = the less risky the loan = the better the rate. 

Conventional - A conventional mortgage is one that was either never insured (paid more than 20% down on the purchase) or one that has been refinanced. These have a bit higher risk level, so they come with slightly higher rates.