Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known - relatively small - loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.
Our company is operating from offices in Leamington, Windsor, Tecumseh, and Harrow. Southland offers a dedicated team of insurance professionals ready to satisfy all of your general insurance and life and financial service needs.
98 Talbot Street West, Leamington, Ontario, Canada, N8H 1M8
Silveus Crop Insurance has advanced with the industry while still proving our success since we began in 1940. We are the leader in crop risk assessment.
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As a fourth generation family business, we at the Orr Insurance & Investment Group understand the importance of protecting your loved ones, ensuring your livelihood, and building a financial future – for the years, decades and generations ahead.
50 Cobourg St, Stratford, Ontario, Canada, N5A 3E5
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Western Express Highway, Mumbai, Maharashtra, India, 400055