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Types of Insurance in Canada

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Types of Insurance, Definition, Different between Insurer and Insured, Types of Insurance, Characteristics of Insurance, Major principle of insurance, Top 10 global Insurers.

There are different types of insurance, in this article you will learn about the characteristics and the requirements and as well how to register: Discover more below.

Types of Insurance

Contents

Definition

The Difference between Insurer and Insured

The top 10 global insurers are:

Types of general insurance

The 7 Types of Insurance

Characteristics of Insurance

Top 30 Insurance Companies in Canada

Requirements to become an Insurance Agent

The Entry Level Insurance Agent Salary

Registering for the OTL Exam

Procedure to Acquire or Amend an Insurance Company License

Documents required for health Insurance Purchase & claims.

The Major Principles of Insurance

Cost of Insurance per Most in Canada

Definition

Insurance is a means of safety from monetary loss. It is also a hazard board, primarily used to Evade against the risk of a contingent or uncertain loss. An entity that gives insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter.

The Difference between Insurer and Insured

  • An insurance policy is an agreement between the insurer and the insured
  • The insured is the person whose life is being covered against the risk under the rule
  • The insurer is the insurance company that gives the insurance cover.

The top 10 global insurers are:

  • United Health Group (US)
  • Ping An Insurance (Group) Company of China Ltd. (China)
  • AXA S.A. (France)
  • China Life Insurance (Group) Company (China)
  • Kaiser Foundation Group of Health Plans (US)
  • Anthem (US)
  • Allianz SE (Germany)
  • People’s Insurance Company (Group) of China Ltd. (China)

Types of general insurance

  • Home
  • Motor
  • Travel and
  • Health

The 7 Types of InsuranceTypes of Insurance

There are different types of insurance all the globe and they are listed below:

  • Property
  • Fire
  • Liability
  • Social
  • Marine Guarantee Insurance.
  • Life or personal insurance

Characteristics of Insurance

  • A contract
  • Undertaking of risk
  • A cooperative device
  • Development of larger industries
  • Contract of adhesion
  • Payment of policy amount on the happening of events.Types of Insurance

Top 30 Insurance Companies in Canada

Below are the lists the top 30 insurance companies in Canada in provisions of total resources. Manulife is the biggest insurance company in Canada and one of the largest life insurers in the world.

It offers the following:

  • Life and health insurance
  • Dental insurance,
  • Travel insurance
  • Pension products
  • Annuities,
  • Mutual funds,
  • Assets management and other services.

The Power Financial Corporation is the second among the largest insurer in Canada with assets of over C$400 billion. The company’s insurance subsidiaries include Great-West Life, London Life and Canada Life Assurance Company. The Auto insurance is the largest product line division in the Canadian insurance market. According to the J.D. Power Canadian Auto Insurance Satisfaction Study, The Co-operators and The Personal ranked highest in their respective regions.

Rank Company Total assets
1 Manulife Financial 720.681
2 Power Financial 418.586
3 Sun Life Financial 258.238
4 Fairfax Financial 58.473
5 Industrial Alliance Insurance 57.050
6 Desjardins (1) 50.306
7 Intact Financial 22.991
8 E-L Financial Corp 20.584
9 The Co-operators Group 14.541
10 RBC Insurance (2) 13.197
11 ivari (3) 12.421
12 Aviva Canada Inc 12.203
13 SSQ Financial 11.374
14 TD Insurance (4) 8.985
15 BMO Life Insurance Company 8.944
16 RGA Life Reinsurance Company of Canada 8.289
17 Wawanesa Mutual Insurance Company (5) 7.977
18 Genworth MI Canada Inc 6.612
19 La Capitale 6.375
20 Economical Mutual Insurance Company 5.494
21 Royal & Sun Alliance Insurance Co. of Canada 4.638
22 Chubb Insurance Company of Canada 4.248
23 Zurich Insurance 4.131
24 AIG Insurance Company of Canada 4.084
25 Equitable Life Insurance Company of Canada 3.700
26 Allstate Insurance Company of Canada 3.622
27 Primerica Life Insurance Company of Canada 3.586
28 Dominion of Canada General Insurance 3.407
29 MD Life Insurance Company 3.287
30 Canada Guaranty Mortgage Insurance Company 1.830
31 Assurant Life of Canada 1.785
32 Foresters Life Insurance Company 1.569

Requirements to become an Insurance Agent

To be an insurance agent, you will need a minimum of a high school diploma or GED as well as an insurance license from your state. Licensing necessities differ from state to stay but you are commonly required to take a course and pass your state’s licensing exam.

The Entry Level Insurance Agent Salary| Types of Insurance

Percentile Salary Location
25th Percentile Entry Level Insurance Agent Salary $33,514 US
50th Percentile Entry Level Insurance Agent Salary $36,695 US
75th Percentile Entry Level Insurance Agent Salary $41,394 US
90th Percentile Entry Level Insurance Agent Salary $45,672 US

Registering for the OTL Exam| Types of Insurance

  • Before applying for the general insurance representative license in Ontario, you must effectively pass a qualifying exam that is known as the Other Than Life (OTL) Agent’s Exam.
  • In passing the Other Than Life (OTL) Agent’s Exam is just one of the requirements needed to accept the Agents License.

Procedure to Acquire or Amend an Insurance Company License

The following information is intended to assist insurers seeking a license or an amended license to undertake the business of insurance in the province of Ontario. All insurers, regardless of where they have been incorporated, must be licensed under the Ontario Insurance Act, R.S.O. 1990, c.I.8, in order to transact insurance in Ontario.
All corporate applicants for a license to transact insurance in Ontario must fall under one of the following three categories:

  • An insurer that is incorporated in Ontario under the Corporations Act, R.S.O. 1990, c. C.38;
  • An insurer that has been registered under the federal Insurance Companies Act 1991, c. 47. it’s would include any federally incorporated company as well as any foreign insurer that is in search of to carry out Canadian insurance commerce;
  • An insurer that has been incorporated under the laws of another Canadian province See more here.

Documents required for health Insurance Purchase & claims.

  • Birth certificate.
  • 10th or 12th mark sheet.
  • Passport.
  • Adhara card.
  • Voting ID.
  • Driving license.
  • PAN card etc.

The Major Principles of Insurance

In insurance world there are six basic principles that must met ie

  • Insurable interest
  • Utmost good faith
  • Proximate cause
  • Indemnity
  • Subrogation and contribution.

Cost of Insurance per Most in Canada| Types of Insurance

How much does health insurance cost in Canada? On average, healthcare premiums for a family in Canada are around C$157 per month (according to research by Monster). For an individual male it’s C$47 per month, and for an individual female it’s C$80 per month.

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