Durable medical equipment (DME) is medical equipment that is intended to last for more than one use, and oftentimes is intended to last for months or even years. Examples of durable medical equipment include crutches and oxygen tanks. Many health insurance policies provide coverage for durable...
Free consent refers to an agreement when both parties knowingly and willingly enter into a contract of their own will. This includes agreeing to all of its terms and conditions and a mutual level of understanding of the subject matter in the contract. For a contract to be enforceable and sound,...
To indemnify someone means to “make someone whole.” The principle of indemnity is one of the fundamental principles of insurance because it is the part of an insurance contract that ensures the insured has the right to compensation and sets limits on how much they can get. The principle...
Understanding the basic terms of an insurance contract will help you make an informed choice when buying a policy.
By: Mark Cussen | CFP, CMFC
Uninsurable risk refers to those things insurance companies won't cover. Knowing what is uninsurable will help you plan for the future.
Make sure you prevent theft and break-ins in your apartment. Just because you don't own your space doesn't mean you can't take steps to secure it!
The date of inception and the effective date of the policy are terms that generally refer to the same thing. They refer to the date at which coverage under the terms described on the insurance policy begins. It signals the start of the contract and, from then until the expiry date, both parties are...
To put it simply: no. You only need to show proof of ownership to have a valid claim. For example, if you received a gift from a friend and that item was stolen, you would still have a valid insurance claim as long as you could show that you owned the item in question. In general, there are 6 ways...
Great question. As an insurance agent, I deal with different variations of this issue a lot. Here's the typical scenario. A client comes to get a quote for coverage. They take a few days to mull it over. When they're finally ready to buy, they come back, only to find out that the quote is no longer...
Let’s face it: for many of us, insurance is getting expensive. Insurance rates have a bad habit of creeping upward every year, even when you don’t file...
By: Steven Porrello
When you are finally able to buy that dream home where you want to spend the rest of your life, you may have a spotless credit report and enough money to make a down...
By: Claire Boyte-White | Vice President
So, you’ve picked out your dream house, you were approved for your mortgage, and finally, you’ve made it to the last steps of buying a home. You’re so...
By: Kaitlyn Kokoska
In the insurance context, we look at risk to mean the chance of “financial loss”. This isn’t restricted solely to the loss of money—it could mean...
By: Jacques Wong
Congratulations on your pregnancy! We hope this time is one of the best times of your life, but understand it can also be kind of scary and full of anxiety-ridden...
By: Maurice Draine
Ah, love! Can you feel it in the air? Doesn’t it just make you feel like…it’s time to look at your insurance policy? Okay, maybe not.In the process of...
By: Kaitlyn Kokoska
Good business practices and safety guidelines are paramount for any organization. However, any company owner knows the business environment can be extremely...
By: Tiffanie Demasters | Commercial Insurance & Risk Mangement Advisor
Between pondering "How much life insurance do I need?" and researching all the types of life insurance (whole life, term life, universal...oh my!) finding the...
By: Jacques Wong
You’ve had your eye on a car for a while. Maybe it’s out of necessity or maybe it’s a daydream ride you’ve been obsessed with since you saw the...
By: Kaitlyn Kokoska
Insurance companies can be tough to deal with. Between putting you on hold when you have a claim to spamming your email (or phone) with promotions, you can easily get...
By: Steven Porrello
Buying insurance usually forms the backbone of anyone's financial plan, offering some reassurance of financial stability should the "worst" happen.Life...
By: Mark Cussen | CFP, CMFC
According to a report put out by the Insurance Information Institute, in the first half of 2020, catastrophe-related property and casualty insurance claims totalled $24...
By: Janice Tober
The rate of burglaries is dropping, but that doesn’t mean they don’t happen—and that doesn’t mean it won’t happen to you! According to the...
By: Kaitlyn Kokoska
You get your insurance package in the mail. The envelope is thick, full of policy wordings and fine print. But, as you rip open the top of the envelope, your eyes are...
By: Kaitlyn Kokoska
Almost every business needs some type of property insurance. Whether you own your building, lease a space, or work from home, there is a good chance you are using...
By: Tiffanie Demasters | Commercial Insurance & Risk Mangement Advisor
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Mark has over 25 years of experience in the financial industry, and has worked with investments, insurance and mortgages as well as income tax preparation and comprehensive financial planning.His writing work includes insurance and securities training manuals and educational articles for several financial websites, such as Investopedia.com and MasonFinance.com.
Many business owners and their families are going without adequate protection and advice. Having experienced this first hand in his family, Darrel is driven to help others avoid the same missteps and assist them in finding proper protection.With over 15 years as an Agency Owner and Advisor, Darrel’s wealth of experience in the Insurance Industry led him to want to share his expertise and the creation of Insuranceopedia. Since 2019, after the sale of his agency, Bridge Financial Insurance Ltd., Darrel has devoted himself to improving Insuranceopedia to become the best platform for insurance information to help guide people to make great insurance decisions.
Jacques grew up around the insurance industry and began actively participating in 2013. Since then, he has gotten a Level 2 license, won Insurance Council of BC awards in 2015 and 2020 for academic excellence in the insurance licensing courses. He educates insurance professionals through PNC Learning and as a Thought Leader at ReFrame Insurance.In his day job as an insurance broker, he helps businesses with creative risk management solutions and strategic advice when it comes to insurance.