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Right to Be
Informed
You can expect to
access clear information about your policy, your coverage, and the claims
settlement process. You have the right to an easy-to-understand explanation
of how insurance works and how it will meet your needs. You also have a
right to know how insurers calculate price based on relevant facts.
You
have the right to ask who is providing compensation to your broker or
agent for the sale of your insurance. Your broker or agent will provide
information detailing for you how he or she is paid, by whom, and in what
ways.
Insurance
companies will disclose their compensation arrangements with their
distribution networks. Brokers and agents are committed to providing
information relating to ownership, financing, and other relevant facts.
Responsibility to
Ask Questions and Share information
To safeguard your
right to purchase appropriate coverage at a competitive price, you should
ask questions about your policy so that you understand what it covers and
what your obligations are under it. You can access information through
brochures and websites, as well as through one-on-one meetings with your
broker, agent, or company representative. You have the option to shop the
marketplace for the combination of coverages and service levels that best
suits your insurance needs. To maintain your protection against loss, you
must promptly inform your insurance company or broker or agent of any change
in your circumstances.
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Right to
Complaint Resolution
Insurance
companies, their brokers and agents are committed to high standards of
customer service. If you have a complaint about the service you have
received, you have a right to access your company’s complaint resolution
process. Your insurer, agent or broker can provide you with information
about how you can ensure that your complaint is heard and promptly
handled. Disputes involving claims settlement matters may be handled by
the FSCO Ombudsman where your complaint may be referred to an independent
mediator.
Responsibility to Resolve Disputes
You should always
enter into the dispute resolution process in good faith, provide required
information in a timely manner, and remain open to recommendations made
by independent observers as part of that process.
Right to
Professional Service
You have the
right to deal with insurance professionals who exhibit a high ethical
standard, which includes acting with honesty, integrity, fairness and
skill. Brokers and agents must exhibit extensive knowledge of the
product, its coverages and its limitations in order to best serve you.
These standards are outlined in A Consumer’s Guide to Property and
Casualty Insurance Transactions, supported by members of the Insurance
Brokers Association of Canada.
Right to
Privacy
Because it is
important for you to disclose any and all information required by an
insurer to provide the insurance coverage that best suits you, you have
the right to know that your information will be used for the purpose set
out in the privacy statement made available to you by your broker, agent
or insurance representative. This information will not be disclosed to
anyone except as permitted by law. You should know that insurers are
subject to Canada ’s privacy laws.
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