Insurance canada Xtra

Insurance canada Xtra

Insurance canada Xtra is a way to protect against financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An entity that provides insurance is known as an insurer, insurance company or the insurance company. A person or entity that buys insurance is known as an insured or policyholder. The insurance operation involves the assumption of a relatively low loss and guaranteed known as payment to the insurer in exchange for the promise of the insurer to indemnify the insured in case of insured loss covered. The loss may or may not be financial, but must be reduced to financial conditions, and must involve something in which the insured has an insurable interest established by the ownership, possession, or a pre-existing relationship. The insured receives a contract called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money required by the insurer to the insured for the coverage provided in the insurance policy is called the premium. If the insured suffers a loss that is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

Insurance canada Xtra

Methods of Insurance canada Xtra

n accordance with study books of The Chartered Insurance Institute, there are the following types of insurance:

1. Co-insurance – risks shared between insurers
2. Dual insurance – risks having two or more policies with same coverage
3. Self-insurance – situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves
4. Reinsurance – situations when Insurer passes some part of or all risks to another Insurer called Reinsurer