AFM231 Lecture Notes - Lecture 13: Co-Insurance, Unsecured Creditor, Insurable Interest
17 Apr 2013
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Document Summary
Insurance contracts are unique and they are governed by statute law. There are unique concepts to insurance law that are important you understand these make insurance work. It is useful for you to learn the different types of insurance contracts a business might routinely enter into (buy) see insurance. It is part of the way a business will transfer risk to another entity. a: almost always, some of the risk is retained because the business will elect to have a deductible. It is almost always possible to get insurance coverage. But sometimes it is simply not worth it; e. g. the cost exceeds any possible future pay out. a: or the risk is deemed too infinitesimal. The insurance industry in ontario (and any other province) is regulated by its own act: insurance act r. s. o. Establishes clear rules by which all participants can operate.
