Insurance
Insurance is a way of reducing your potential financial loss or hardship. It can help cover the cost of unexpected events such as theft, illness or property damage. Insurance can also provide your loved ones with a financial payment upon your death.
HOW DOES INSURANCE WORK?
You pay a fee called a premium, and in exchange, the insurance company agrees to pay you a certain amount of money if the event you are insuring against is covered and happens during the term of the policy.
The details of insurance protection, such as exactly which events are covered and for how much, are defined in your insurance policy. The insurance policy is a contract between you and the insurance company.
- Why would you get insurance?
- Types of insurance
- Buying insurance
- Making an insurance claim
- If you have a complaint
- Protecting yourself from insurance scams
- Insurance resources
Related Resources
- Understanding Insurance Basics
What you need to know before buying Insurance - Credit Card Balance Insurance
- Financial Basics
A financial literacy workshop
- How can I find out if an insurance company is licensed to do business in my province or territory?
- Can a life insurance company refuse to provide me with life insurance? If so, for what reasons?
- Why won’t my home, auto or business insurer reimburse me for the full cost of replacing my damaged or stolen items?
- How can I make a complaint about my insurer?
- How can I cancel my insurance policy?
- Can a life insurance company cancel my life insurance or disability insurance policy even though I have paid all of my premiums?
- Do I have to list the mortgage lender or finance company as a beneficiary on my home or auto insurance policy?
- Can an insurance company charge me higher premiums based on my credit rating?
- Does my home insurance cover my home-based business?
Other types of insurance
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