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A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.
What is Insurance?
The hazard threatening a risk because of external or internal physical conditions.
What is Exposure?
The process of revealing all relevant facts.
What is Disclosure?
An arrangement set up by means of a website or mobile app in which a passenger travels in a private vehicle driven by its owner, for free or for a fee.
What is Ridesharing?
A phase of the insurance market cycle in which insurers increase the amount of coverage they are willing to write, causing supply to increase and premiums to fall.
What is a Soft Market?
The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract.
What is a Loss?
A contract, expressed or implied, to repay in the event of a loss. The insured neither gains nor loses.
What is Indemnity?
Incorrect or missing information about a material fact that is offered, or not, by an applicant or insured with or without the intent to mislead.
What is Misrepresentation?
Provisions that state the rights and duties of the insured or insurer.
What are Policy Conditions?
Amount charged to an insured that reflects the expectation of loss for a covered risk, insurance company expenses, and profit. In other words, it is the basis of premium calculation for the insurance provided for the exposure.
What is a Rate?
An insurance term for a situation where the possibility of either a financial loss or a financial gain exists, such as in purchasing shares, or betting on horses. Speculative risk is usually not insurable, unlike pure risk.
What is a Speculative Risk?
The date on which a policy ends.
What is an X-Date?
An interest that the insured must have in the subject matter of the insurance purchased so that if the event insured against occurs, the insured will suffer an economic loss.
What is Insurable Insterest?
Statement or stipulation or promise in an insurance contract, the breach of which may nullify the contract.
What is Warranty?
A system for collecting premiums whereby an insurer bills and collects the premium directly from the insured as opposed to the agent or broker being a middleperson. Premiums are usually collected monthly by direct debit from the insured’s bank account.
What is Direct Billing?
A situation involving a chance of a loss, or no loss but no chance of gain.
What is Pure Risk?
Analyzing a risk to quantify the potential for losses in a specific investment and to decide what is the appropriate action to take (or whether not to take action).
What is Risk Management?
The date of inception of an insurance policy, or the date additional coverages become effective.
What is an Effective Date?
Statements included in a policy that are agreed to by the insured and form the basis of the contract of insurance.
What are Declarations?
Cancellation of an insurance policy or a bond with the return premium credit being the full proportion of premium for the unexpired term of the policy.
What is Pro Rata Cancellation?
An enterprise that introduces innovative technology and business models to the insurance sector.
What is Insuretech?
(1) A risk or probability that the event insured against might occur. (2) A condition that engenders or increases the chances of a loss.
What is a Hazard?
A person or an entity other than the named insured to whom the proceeds of insurance will be paid.
What is a Loss Payee?
Special prescribed and standardized conditions that the provincial and territorial insurance acts require to be included in insurance policies.
What are statutory Conditions?
A premium specified on an individual policy that is the minimum amount retained by the insurer in the event that the policy is cancelled midterm by the insured.
What is Minimum Retained Premium?