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Mortgage Life Insurance Alberta

NG Insurance and Financial Services Ltd was established in 1990 and has been recognized as the Best Insurance Company In Alberta. Narender Gogna owns a company in Edmonton that provides services like an insurance agency, financial planner, health insurance agency, insurance company, RESP, and life insurance agency. <br>For more details Please contact NARENDER GOGNA at 1 (780) 441-1715 or E-Mail us at ngogna@telus.net tt<br>

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Mortgage Life Insurance Alberta

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  1. Mortgage Life Insurance Alberta

  2. Introduction

  3. Ever wanted to know how insurance works?

  4. STEPS •To accept the risk of protecting your home, business, or car, your insurance provider calculates an annual fee or premium. Premiums are calculated depending on how often money insurance providers expect to spend on claims in the following year. •You pay the premium to your insurance on a quarterly and annual basis for them to assume this risk on your account.

  5. STEPS •Your insurance provider collects all premiums and deposits them in a single huge pool. Because your insurance is a yearly contract, the pool is only operational for one year at a time. •Your insurance company pays for the damages of the few people who file claims in a given year by pooling many premiums.

  6. What if you had a loss? Insurance firms manage the premium pool to guarantee that there is enough money available in the case of a major claim. Multiple claims following a natural disaster, such as the huge 2013 flooding in Alberta, for which compensation are still being calculated and paid, are an example of this. The ice storm that affected areas of Ontario, Quebec, and New Brunswick in 1998 resulted in 700,000 claims for $1.4 billion in damages.

  7. How its going to be covered? Only the particularly hard hit stated in your contract are covered by insurance. It's critical that you study your policy and/or speak with your insurance provider about what's covered and what isn't. Insurance isn't meant to cover every problem you might have, nor is it meant to cover routine house upkeep. Insurance is designed – and priced – to assist you in coping with the financial implications of unforeseeable, unplanned, and unavoidable catastrophes. If you reside on a floodplain near a river, for example, flooding of your properties in the spring is neither unexpected or unavoidable; it is unavoidable and hence possibly uninsurable. Learn more about your house, vehicle, or business insurance alternatives.

  8. Summary • • • •

  9. Thank you

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