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In terms of section 1 of the Long-term Insurance Act, “long-term policy” means an assistance policy, a disability policy, a fund policy, a health policy, a life policy or a sinking fund policy, or a contract comprising a combination of any of those policies. It also includes a contract whereby any such contract is varied.
Missing coverage types: Endorsements are policy add-ons that extend your coverage limits or provide coverage for perils not covered by a standard policy. One key example is flood insurance .
4. Compare quotes based on coverage. When you purchase a home insurance policy, the rate will vary based on a number of factors that are unique to you and your home. Additionally, home insurance ...
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
Policy number: This is a unique number assigned to your car insurance policy. This helps your company find your exact policy when you make changes or file a claim.
To meet the objective of rate adequacy, the rates should be responsive over time in comparison with changing economic conditions and loss exposures. Finally, to reduce the frequency and severity of losses, the rating system should encourage loss control activities. Loss control is important in insurance because it tends to keep insurance ...
Priceless jewelry and antiques coverage: While coverage for valuables like jewelry and art is typically included in a standard homeowners policy, there are usually limits as to what an insurance ...
An insurance cycle, also known as an underwriting cycle, is a term describing the tendency of the insurance industry to swing between profitable and unprofitable periods over time. The underwriting cycle is the tendency of property and casualty insurance premiums , profits , and availability of coverage to rise and fall with some regularity ...