Released on December 2, 2016
The Financial and Consumer Affairs Authority (FCAA) encourages people to read and understand their insurance policy before they agree to its terms and conditions.
“Policies are challenging to read,” FCAA Insurance Division Director Ian McIntosh said. “It’s really important that you take the time to read and understand them.”
Insurance policies usually consist of an application, a confirmation of what property or risk is covered, and the policy itself. The policy will contain the terms and conditions, including any exclusions or limitations on what is covered. Once you sign on the bottom line, you’re agreeing to all the terms in the policy. If you have questions, talk to your insurance agent.
When talking to your insurance agent, make sure you:
For more helpful information, visit www.fcaa.gov.sk.ca/insurancepolicy.
- have the right amount and type of coverage;
- talk about extended coverage;
- know the exceptions and limitations; and
- read and understand the policy.
For more information, contact:
Financial and Consumer Affairs Authority