Underwriters' Laboratories of Canada (ULC)
Definition - What does Underwriters' Laboratories of Canada (ULC) mean?
The Underwriters' Laboratories of Canada (ULC) is a non-profit company that performs safety inspections on a wide range of products. The ULC establishes safety standards that are used in many industries. Many business insurance companies will make sure a business complies with the ULC before agreeing to insure it.
Insuranceopedia explains Underwriters' Laboratories of Canada (ULC)
Product safety is a very significant issue in insurance because a faulty or unsafe product can result in an injury that costs companies and insurers millions of dollars through lawsuits. For example, a company that manufactures a defective computer model that randomly explodes could quickly find itself facing many personal injury lawsuits. The Underwriters' Laboratories of Canada functions as a sort of quality control measure for products and its approval can be used by business insurers as a mark of insurability.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.