A Beginner’s Guide to Insurance in Victoria BC

Having the right type of insurance is the main key to financial/economic planning. Many of us have some types of insurance but very few understand that what is insurance and why one should have insurance.

What is insurance?

Insurance is means of protection from financial loss. It is the main way of reducing financial impact of risk for businesses and individuals. It is a promise of specific potential future losses in exchange for a periodic payment.

To add more financial security and protect you and your family from uncertain risks, insurance is important. If you are in need of insurance services in Victoria BC, then Discovery Insurance provides professional services to Residential, Commercial and Marine customers. It is one of the most financially secure insurance companies which provides market stability and competitive premiums.

What is insured and insurer?

When you find security against financial risk and make an agreement with an insurance company you become the insured and the insurance provider becomes insurer.

What is Sum Assured?

The sum assured is the amount of money an insurance company guarantee to pay you before any bonuses are added. In this the policy holder will receive the guaranteed amount.

What is Premium?

For the security against the financial risk an insurer provides, the insured should pay the compensation. This is known as premium. Premium are paid annually, monthly, quarterly or as decided in agreement.

What is Nominee?

The receiver who is specified by the insured to receive the amount decided and other benefits. In case of life insurance the insured cannot be a nominee some other person should be there as a nominee.

To know more about insurance visit Discovery Insurance Services in Victoria BC. You can also visit us online at - http://discoveryinsurance.net/ or call at - (250) 592-4887 | 1-888-567-9555 or email us at - info@discoveryinsurance.net