BU353 Chapter Notes - Chapter 12: Agency Cost, Catastrophe Bond, Reinsurance
Document Summary
Second largest line of personal insurance for property-liability insurers, behind auto insurance. Largest 5 writers of homeowners insurance in canada: intact, td insurance, aviva canada, Provide coverage for first-party property, third-party liability, voluntary medical payments and voluntary payment for property damage of others. Specified perils policy if the policy lists the perils that are covered. All risk/all perils policy the policy covers all perils except those that are specifically excluded. Eight common personal property policy forms available for homeowners, tenants, and condominium owners. Insurance policies for homeowners have two sections of coverage: The first four parts provide reimbursement for property damage and loss of use of property. The next four provide reimbursements for liability losses, voluntary medical payments, voluntary payment for property damage, and voluntary compensation for residence employees. The amount of dwelling coverage (a) chosen by the policyholder determines the amount of coverage for other detached private structures (b), personal property (c), and additional living expenses (d)
