Legally binding contract effecting insurance or certificates; including all clauses, riders, endorsements and renewals
Policy
The hazard threatening a risk because of external or internal physical conditions
exposure
Policies composed of unique wordings drafted to accommodate the needs of a particular risk
Manuscript policies
A contract, expressed or implied, to repay in the event of a loss. The insured neither gains nor loses
indemnity
A federal statute that governs the collection and use of personal information. It states that personal information to be collected must be relevant and that all information collected must be held in confidence
Personal Information Protection and Electronic Documents Act (PIPEDA)
A hazard arising from the character, interest, habits and lack of integrity of the insured or person concerned
moral hazard
The broker currently receiving a commission to handle a policy
broker of record
The event that caused a loss covered by the policy
peril
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)
risk management
a risk or probability that the event inured against might occur.
a condition that engenders or increases the chances of a loss
hazard
a hazard arising from the physical condition or characteristics of the object that is insured
physical hazard
a hazard based on the insureds attitude toward the insured belongings. this hazard exists when the insured no longer cares about the possessions because they are insured
morale hazard
Specific types or classes of clients expected to be profitable insurance risks
Target market
