A compulsory coverage that provides compensation if you, your passengers or pedestrians are injured in an automobile accident. Coverage is provided regardless of fault.
Actual Cash Value
The replacement value of an item less depreciation.
Additional Living Expenses
This coverage applies when your dwelling is deemed uninhabitable due to an insured loss. It pays the extra expenses you incur to live elsewhere while repairs are made. For example hotel costs and restaurants.
An individual who acts on behalf of, or is employed by an insurance company to sell, modify or terminate insurance.
An insurance policy that provides coverage for all perils except those specifically excluded by the terms of the policy.
When an insured person or 'claimant' notifies an insurer of a possible loss under their insurance policy, whether or not it results in a payment.
CLEAR stands for Canadian Loss Experience Automobile Rating which is a method of classifying/rating different models of cars for insurance purposes by using historical data such as theft, collision repair costs and frequency of personal injuries for different models. Developed by: the Vehicle Information Centre of Canada (VICC) a division of the Insurance Bureau of Canada (IBC).
portion of the automobile insurance policy that pays for the cost of
repairing the vehicle in the event of an at fault collision loss by the
The portion of the automobile insurance policy that provides coverage to replace or repair your vehicle in the event of a loss that’s not covered by Collision. This includes events such as fire, vandalism and theft.
Coverage Extension Endorsement
An endorsement that adds to the coverage of the primary policy, such as an extension of coverage for sewer backup.
An amount deducted from the loss and paid by you as the insured person.
Use, age, deterioration or obsolescence will cause a reduction or decline in value of property covered by insurance.
An amendment to a policy that changes the terms of the contract.
Risks, perils or properties defined as not being covered by the policy.
Extended Coverage Insurance
The base property policy covers Fire and the extends coverage to windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft.
The cancellation of a policy as of the effective date with all premiums paid being refunded.
Improvements and Betterments or Tenant's Improvements
Additions or changes made to a condominium or to a rented premises at the expense of a tenant.
To put back in the same financial position as just before the loss.