A chance of Loss

To spread the risk

The numbers guys in the industry. They determine the price of insurance based on the risk

This legal system is made up of Common Law and Statute Las

The Mandator in Quebec

An event that may cause a loss to happen

Aiding security, aiding credit, promoting loss prevention

They deal with settling the loss for the insured

The insured being the first, insurer being the second and any third party involved being the third.

They represent only 1 insurance company

The first event in a chain that causes a loss to happen

A contract, expressed or implied to repay in the event of a loss. The insured neither gains no loses

Insurance for the insurer

Agreement consideration, capacity to contract, genuine intent & legality of purpose

They represent multiple insurance companies

Property and Casualty

Rebuilding the property back to it's original state before the loss regardless of the cost to the insurer

This is monopolistic and compulsory. BC, Saskatchewan and Manitoba are known to have this type of insurer for auto policies

Where more than one insurer covers a risk

Written notice given from the broker to the insurer and the insured to confirm coverage has been bound.

Rental income lost due to a fire

Someone who stands in such a legal relationships to the property that they would be financially prejudiced by its loss

This is not an insurance company. It started as a coffee shop and insures unusual risks

Insurable interest, utmost good faith & indemnity

The legal process by which an insurer who has paid a loss, pursues any rights of recovery against a responsible third party.