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ICBC (Insurance Corporation of British Columbia)

Insurance, Canada, British Columbia, Victoria

Leading provider of auto insurance in British Columbia, committed to road safety and customer service excellence.

About ICBC (Insurance Corporation of British Columbia)

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Basics

Type
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Founded
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Total Employees
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Employees on Linkedin
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Employees on OWCareers
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Main Office
Canada, British Columbia, Victoria
Official Website
http://www.icbc.com
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FAQs – ICBC (Insurance Corporation of British Columbia)

Can I bundle renters insurance with other policies for a discount?

Yes, many insurance companies offer discounts if you bundle renters insurance with other policies like auto insurance. Bundling can save you money and simplify policy management, so check with your insurer to see what discounts are available.


What happens if an insurer has a low solvency ratio?

A low solvency ratio may indicate financial weakness, leading regulators to impose restrictions, require additional capital injections, or, in severe cases, place the insurer under regulatory supervision.


How does health insurance coverage work?

Health insurance pays for medical expenses, including doctor visits, hospital stays, prescriptions, preventive care, and emergency services.


What is the difference between premiums for term and whole life insurance?

Term life insurance premiums are generally lower because they provide coverage for a set term (e.g., 10, 20, or 30 years) without accumulating any cash value. Whole life insurance, on the other hand, has higher premiums because it offers lifetime coverage and includes a savings component that builds cash value over time.


How do riders affect my insurance premium?

Riders increase your premium because they extend or enhance your coverage, requiring the insurer to assume more financial risk on your behalf.


Does professional liability insurance cover intentional wrongdoing?

No, PLI does not cover intentional fraud, criminal activities, or knowingly providing false information. Coverage applies only to unintentional errors, negligence, or omissions. If an employee or professional acts dishonestly or fraudulently, they are personally liable for the consequences.


How does whole life insurance differ from term life insurance?

Unlike term life insurance, which provides coverage for a limited period, whole life insurance offers lifelong protection and builds cash value. Term life is usually cheaper, but it doesn’t include a savings component or guaranteed lifetime coverage.


Can the insured designate beneficiaries in a life insurance policy?

Yes, the insured can designate beneficiaries to receive the death benefit in the event of their death, as specified in the life insurance policy terms.


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