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Insurance experience
- 1. The Insurance IndustryWhatis insurance Different types of insurance Insurance Law Opportunities Surety and Fidelity Principles of Insurance Terminology
- 2. • Noun. Anagreement by which one party guarantees a compensation against a specified loss, damage, or casualty. • Insurance is a contract. All principles must exist in order to be valid • Transferring the risk to another party for a premium • Two types of insurance companies; • Life insurance companies – those who sells life insurances • Property and casualty/ general insurance – sells different types insurance other than life insurance. Coverage – Amount of risk covered by the insurer Premiums – amount being paid by the insured to the insurer Risk – exposure to liability Indemnity – Compensation for a damage or loss Policy – a contract between the insured and insurer Claim – a demand by the insured to be compensated Quote – estimated premium given by the insurer What is Insurance?
- 3. • Royal Insurance+ Sun Alliance = RSA Insurance Group. • A property and casualty insurance company listed on the FTSE 100 • Based in London, UK with main operations in Western Europe, Scandinavia, Middle East and Canada • Offices in Montreal, Vancouver, Greater Toronto Area and St. John’s. • Operations begun back in the 16th Century and still is thriving today. With networks over 150 countries. Making Things Better, Together
- 4. Personal Insurance CommercialInsurance Global Specialty Lines • Pets • Auto • Home • Travel • Leisure • High Net-Worth • Surety • ProFin • Multi-National • Commercial Fleet • Marine and Aviation • Equipment Breakdown • Project Construction • National Programs • Auto • Realty • Property • Micro/Start Up • Bed and Breakfast • Equipment Breakdown • Construction and Contracts
- 5. Personal Insurance –for individuals Travel Home Auto Pets Leisure High-Net
- 6. Commercial Insurance –for SMEs Bed and Breakfast Manufacturing Auto Trade Construction and Contracting Residential Condo. Startup Hospitality
- 7. Global Specialty Lines– for complex risks Commercial Fleet Aviation Marine Project Construction Professional and Financial Liability Multi-National
- 8. Surety Project Owner/Obligee Contractor/Principal HowSurety Works: • Surety guarantees a performance of a contract • Surety bond promises to pay the obligee in an event that a principal could not do their obligation/s • A three party contract. Different from a typical insurance • Bond is another term for “financial guarantee” For Principals; • Acts as a credit line • Reduces the risk of participating in a job they cannot do Why Surety? For Obligees; • Guarantees a compensation when in default • Confident projects will be completed
- 9. Surety example A threeparty contract that guarantees performance
- 10. Contract Surety –guarantees the principal to fulfill the terms in the contract Commercial Surety– guarantees the principal to comply with their required obligations Types of Surety Bonds • Bid Bonds • Performance Bonds • Maintenance Bonds • Labour and Payment Bonds • Fiduciary Bonds • Fidelity Bonds • Court Bonds • License and Permit Bonds • One of the main difference between contract and commercial is that contracts have an end date while commercial is virtually indefinite. • Contract surety typically has a written contract while commercial surety only has a written outline of their obligations.
- 11. • Transferring acalculated risk to the insurer • Once a claimed has been filed, the insured must provide the necessary compensation. • Some insurance are required by law • To protect taxpayers’ money • Protection to clients and to the individual • Allows the insured to gain a ‘peace of mind’ • Prepare for the worst and hope for the best • Covers costs to improve financial stability Why do we need insurance?
- 12. • Insurance arecontracts that must be conducted with utmost good faith • Warranties and Conditions are present • Insurance Law is under Common Law. • The FCSO (Financial Services Commission of Ontario) regulates insurance in Ontario; it varies by province. • Legislated under the Insurance Companies Act (1992) • Set the rules for life and P&C insurance • Allowed insurance companies to follow what was on the Bank Act • Insurance contracts indemnifies a paty/ies against a breach Insurance Law
- 13. Underwriters Opportunities in thefield Insurance Companies Claims Adjusters Insurance Brokerage Brokers Analysis Actuary Service Representatives Agents Appraisal
- 14. Insurance Designations andLicenses Certified Insurance Professional Fellow Certified Insurance Professional Life License Qualification Chartered Financial Analyst Chartered Professional Accountant Canadian Accredited Insurance Broker Other-Than-Life Licence Insurance Broker Licence General Insurance Essentials Certified Health Insurance Specialist Chartered Life Underwriter
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