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Clearing concepts of insurance

Examine the  insurance

A insurance is a service that provides a benefit upon the occurrence of a risk to your insured item.

Delivery, usually financial, may be for an individual, an organization or a company, in exchange for the collection of a contribution or premium.

The insurance is, by extension, the economic sector which includes the actions of creation, production and sales of this type of service.

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The risks encompassed by the protection of insurance

The events insured by  insurance

Conditions for insurability of something on insurance is the hazard, that is to say, the unpredictability of a damaging event as such or its characteristics the independence of the will of the insured, the lawful nature of the event.

This implies among other things that known past events (disaster already done) are uninsurable.

Modalities of the insurance contract

What establishes the precise conditions under which the service is rendered, it is the insurance contract. He founds the essential rights and obligations of each party involved in the transaction. The insurance contract generally mentions:

The  insurance contract
  • premium, usually money, that the subject agrees to pay (different modes of payments);
  • specified assistance that the involved insurer will provided to the insured;
  • the uncertain and damaging event (risk) for the item insured;
  • exhibited interest of insurance (formulated by negation): the concerned insured or the beneficiary should absolutely not have obvious interest in the advent of the risk in question.

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Pooling of risks and insurance

The insurance contract is a risk transfer contract:

  • the insured transfers a risk, by definition random, to the insurance company. When the insurance specifies a deductible, the insured retains part of the risk.
  • The insurance company involved in the transaction accept the risk in exchange for the premium established in the contract.

Risk transfer and  insurance

That being determined and closed, the insured therefore has a good protection against random events that he can not support itself. He may, if he desire, live activities qualified as "risky". Insurance, in a traditional way, is indirectly involved in the creation of wealth.

The insurance company performs, to succeed this concept, through the subscription of many similar or related hazards, risk pooling between the insured clients. Developeding this statistical control of risk allows the insurer to reduce the maximum total volatility risks. This is the law of large numbers, which among other things allows the insurer to understand and know about the probable amount of future claims.

Happening of an event insured by insurance

Manifestation of a risk insured by  insurance

When one of the events listed in the insurance contract happens, the insurer assists the insured. This assistance is most often financial and takes the form of compensation.

But this assistance the insurer offers may also take other forms, such as legal assistance.

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Cancellation of the insurance contract

Conclusion of the  insurance contract

Both the insured and the insurer may, if they wish, cancel the contract when the term ends. Insurance contracts are generally evergreen. The contract expires in a natural way if the insured risk "disappears".

The life insurance contracts, group contracts and other collective operations are specifically excluded from renewal plan of insurance contracts.

Modalities of the insurance policy

The insurance policy is the contractual document that governs the relationship between the insurance company and the insured. The contract shall, in particular:

Elements of the  insurance policy
  • list of random events guaranteed, with possible exclusions if necessary.
  • warranty, that is to say, the assistance to the insured in case of disaster.
  • commitments of the insured:
    • take the necessary preventive measures to reduce the risk of potentially
    • timely reporting of disaster to the insurer
    • honor the amounts and terms of payment (method, date, etc.) of the premium
    • potential termination of the police
  • obligations of the concerned insurance company:
    • respecting deadlines for payment of compensation stipulated in the contract

The insurance policies, like other types of insurance policies, also consist of clauses specific to the insured but also clauses common to all policyholders of the same insurance company for a given risk or a set of risks.

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Source (modified content): Article Assurance of Wikipédia en français (authors). Content licensed under CC-BY-SA.