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mbcfinancial.ca
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Definitions (156)
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compulsory insurance
Any form of insurance, which is required by law.
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actual cash value
The current cost of replacing an article with a similar one in the same condition. Any item has three basic values: original cost, actual cash value, and replacement value. For example, if you origina [..]
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additional interest insured
Another person or company who may be liable for an accident involving an insured or an insured vehicle and who has been named as an Additional Interest Insured under the policy.
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additional premium
An extra charge for an alteration, during the policy period, which increases the hazard or the Company's liability.
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adjuster
A person who investigates a loss and negotiates settlement with the claimant on the Company's behalf.
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all perils
An optional coverage designed to provide protection for your vehicle for all types of losses except those specifically excluded in your policy. All perils coverage is the most complete coverage you ca [..]
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all risk
Coverage against loss or damage from all perils except those specifically excluded.
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amount of risk
The Company's total liability at a specific location
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application
A form on which the prospective insured states facts requested by the insurance company and on the basis of which (together with any information from other sources) the insurance company decides wheth [..]
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