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.

Risks, perils or properties defined in the insurance policy as not covered.

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

An estimate of the cost of insurance, based on information supplied to the insurance company.

The amount used to calculate premiums to be paid on an insurance policy.

The reactivation of suspended or cancelled insurance policy.

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.

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.

The means by which the value of property is determined at the time of loss.

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 [..]