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He states, “In terms of detecting fraud, the previous adage ‘if it sounds too good to be true, it in all probability is,’ is usually a guideline. It may possibly additionally apply to buying insurance coverage.”
He additional particulars the protecting position of licensing, which calls for that candidates fulfill particular instructional necessities and bear felony background checks. Ballantyne encourages shoppers to confirm the licensing standing of their brokers and brokers as an important protecting measure.
Ballantyne identifies a number of crimson flags that buyers must be cautious of, corresponding 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 solely by means of licensed brokers or brokers, or instantly from the insurer. Moreover, when partaking with a 3rd get together for coverage buy, it’s essential to make sure the agent or dealer is permitted and licensed by the provincial regulator.
Highlighting the significance of knowledgeable decision-making, Ballantyne reminds Canadians to grasp and outline their insurance coverage wants earlier than beginning their seek for a supplier.
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