He states, “In relation to detecting fraud, the outdated adage ‘if it sounds too good to be true, it in all probability is,’ is usually a guideline. It could actually additionally apply to buying insurance coverage.”
He additional particulars the protecting function of licensing, which calls for that candidates fulfill particular instructional necessities and endure legal background checks. Ballantyne encourages shoppers to confirm the licensing standing of their brokers and brokers as a vital protecting measure.
Ballantyne identifies a number of crimson flags that buyers must be cautious of, comparable to vital reductions on insurance coverage premiums, requests for funds by means of unconventional strategies like cryptocurrency, cash wiring, or present playing cards, and interactions with unlicensed suppliers.
He emphasizes that buyers should buy insurance coverage insurance policies completely by means of licensed brokers or brokers, or immediately from the insurer. Moreover, when participating with a 3rd celebration for coverage buy, it’s essential to make sure the agent or dealer is allowed and licensed by the provincial regulator.
Highlighting the significance of knowledgeable decision-making, Ballantyne reminds Canadians to know and outline their insurance coverage wants earlier than beginning their seek for a supplier.
