FINA 200 Lecture Notes - Lecture 7: Personal Property, Group Insurance, Insurance

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An insurance policy is a contract between insurance company and person who own the policy. Auto-insurance is coverage provided by insurance company for vehicle or person. There are 3 categories of auto-insurance: third party liability coverage, accident benefits, loss or damage to insured vehicle. This coverage also includes when you drive somebody else"s car with their permission: property damage liability: protects against damages when the policy owner damages another persons property with his car. This insurance policy does not cover his own car or property: accident benefits: insures medical care for you and your passengers in your car (mandotory in all provinces) Uninsured motorist coverage: insures against the cost of bodily injury when an accident is caused by another driver who is not insured: loss or damage to insured vehicle. Collision insurance: covers the damages resulting from an accident in which the driver is at fault.

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