MCS 3040 Chapter Notes - Chapter 19 & 28: Insurance Broker, Liability Insurance, Vehicle Insurance
10 Jul 2014
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Document Summary
A proper risk management program has insurance coverage: insurance is the transfer of risk of various kinds of losses done through a contract called insurance policy where the insurer promises to compensate the. Insured should loss actually occur: the insurer exchanges this protection for payment which is called a premium, insurance can be costly and is not always available. It does not prevent losses from occurring and does not prevent adverse publicity associated with a loss. An insurance policy is a contract that outlines what kind of loss is covered, in what amount, under what circumstances and at what cost: regulated by legislation in each of the provinces. Main goal of insurance legislation is to protect the public from problematic insurance companies. Three types of insurance: life and disability insurance, property insurance (known as fire insurance, liability insurance (casualty insurance)
