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Insurance companies selling home, auto and business insurance are committed to protecting your rights. These include the right to be informed fully, to be treated with respect, to timely claims handling and complaint resolution, and to privacy. Insurance is a two-way contract, and you have a role to play.
- How Insurance Works
Insurance companies, brokers and agents are all committed to...
- How Insurance Works
- Premiums
- Insurance Risk
- Deductibles
- Exclusions
- Endorsements
To get insurance, you pay a fee called a premium. Usually, you pay the premium monthly or yearly. The amount you pay as a premium may change over time for some types of insurance. Insurance companies base the amount you'll pay as a premium on the amount they think they’ll need to pay if you make a claim. They may charge higher premiums if they thin...
Risk is the likelihood that an insured event will happen while your policy is in effect. For example, you may pay higher life insurance premiums if you have a history of medical issues. This also applies to your car insurance premiums if you’ve had several car accidents.
Health, dental, home and car insurance policies may require that you pay a deductible. A deductible is the amount of your claim that you must pay before your insurance company pays the rest. The higher your deductible, the less you may pay in premiums. For example, let’s say you make a claim for $2,000, but you have a $500 deductible. Your insuranc...
Exclusions are things that your insurance policy doesn't cover. Examples of exclusions include: 1. a health insurance policy may exclude certain medical conditions you had before you applied 2. a travel insurance policy may exclude claims made if you travel to a high risk country 3. a home insurance policy may exclude claims for some types of water...
An endorsement, also known as a rider, is the ability to buy extra insurance at an additional cost. It covers risks that your basic policy doesn't cover. Ask your insurer what your policy covers and doesn't cover. It will help you determine what risks you might need extra coverage for.
Insurance companies, brokers and agents are all committed to safeguarding your rights when you shop for insurance or submit a claim following a loss. Understand what you’re entitled to and what you’re responsible for. Insurance is a significant investment. Before you purchase coverage, getting answers from a licensed insurance ...
Feb 28, 2024 · Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. There are many types of insurance policies. Life, health, homeowners ...
- Julia Kagan
- 1 min
Nov 23, 2022 · Insurance plays a vital role in the lives of individuals, businesses, and various entities by ensuring protection against unforeseen events and uncertainty. With a primary objective to safeguard ...
The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada. FCAC is responsible for administering sections of the Act designated as consumer provisions, in addition to monitoring the financial institutions’ compliance with codes of conduct and public commitments.
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Jun 7, 2023 · When an insurance company pays a claim by its insured, the insurance company acquires a legal right to pursue a so-called “subrogation” claim against another party who may be responsible for the damage. The insurance company “stands in the shoes” of its insured to seek damages from whoever caused the loss.
