The portion of any insured loss that the customer or insured must bear
Type of policy written by multiple insurers, often because the risk is so hazardous or monumental in size that no one insurer can cover it exclusively
That which one party gives or promises to give in exchange for the act or promise of the other party. Does not have to be money.
A contract which can be affirmed or rejected by the aggrieved party
"against the offerer". Any ambiguity in the wording of a contract will be read narrowly against the party writing the contract, and very broadly in favour of the insured.
Legal situation which occurs where a debtor becomes his own creditor or vice versa (Quebec)
Article 1399 of the CCQ states this must be given only in a free and enlightened manner and may be vitiated by error, fear or lesion.
In common law provinces, these are legislated by provincial legislatures and must form part of every insurance policy covering certain classes of risks, even if not actually mentioned in the policy or document
What a party must have in order to place insurance on a person or thing. Insured would be materially disadvantaged by its loss or destruction
In Quebec, this is the waiving of the right to demand performance or payment under a contract.
Part of the policy identifying the parties to the contract, commencement and expiry dates, premium, amounts insured, description of risk and any other interests in the policy.
Uberrima fides - the standard of honesty required of an insured.
System of law found in all provinces except Quebec
A person in Quebec who is unable to properly manage his or her affairs to his or her own detriment, or to that of his or her family.
A promise by the insured as part of the contract that a specified state of affairs will continue to exist through the duration of the policy. ie: alarm system activated at all times, watchman on premises when the business is not open
Legal decision serving as an authoritative rule in future similar cases.
In Quebec, a contract in which the essential stipulations were imposed or drawn up by one of the parties, and were not negotiable.