intact.ca

Website:http://www.intact.ca
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Definitions (34)

1.

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Statutory Conditions


A mandatory set of conditions that apply specifically to all property and casualty policies. These are the same for all common law provinces and there is also a Quebec statutory conditions form.
Source: intact.ca

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Warranty


A statement attesting that something the customer says is true. An insurance contract is written on the principle of good faith, meaning each party must trust that the other is being completely truthf [..]
Source: intact.ca

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Valuation


The means by which the value of property is determined at the time of loss.
Source: intact.ca

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Replacement Cost


The cost of replacing damaged or destroyed property without taking a deduction for depreciation. Replacement cost applies in certain circumstances or conditions as outlined in the policy.
Source: intact.ca

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Renewal


The act of keeping an active policy in place through acquiring a policy renewal, which is a certificate that attests to the fact that an insurance policy has been extended for another term.
Source: intact.ca

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Reinstatement


The reactivation of suspended or cancelled insurance policy.
Source: intact.ca

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Rate


The amount used to calculate premiums to be paid on an insurance policy.
Source: intact.ca

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Quote


An estimate of the cost of insurance, based on information supplied to the insurance company.
Source: intact.ca

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Property Coverage


Covers a customer’s property against damage, destruction or loss by a covered peril.
Source: intact.ca

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Exclusion


Risks, perils or properties defined in the insurance policy as not covered.
Source: intact.ca


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