Someone who represents one insurance company and sells its insurance products. In some cases, a life insurance agent may represent several different insurance companies.
Agents must usually be licensed in the province or territory in which they do business.
BROKER:
Person or company who sells the insurance products of several different insurance companies.
Brokers must usually be registered in the province or territory in which they do business.
CLAIM:
Official notice you provide to your insurer requesting to be paid for a loss or event covered by your insurance policy.
CLAIM INVESTIGATION:
Process used by insurers to get the claim information necessary in order to decide whether to pay a claim.
COVERAGE:
Amount of protection you have purchased.
The maximum amount of money the insurance company will pay you if you make a claim for a loss or event covered by your policy.
DEDUCTIBLE:
Amount of your claim that you agree to pay before the insurer pays the rest.
Choosing a higher deductible will decrease the cost of your insurance premiums because you agree to pay for a larger part of your loss.
This term may be used with health, dental, home and auto insurance policies.
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