1. Good Morning

6. In my experience, the best way to introduce insurance is to provide some key terms and definitions: Agent - An insurance sales person who represents a single insurance company and sells on their behalf. Broker - An insurance sales person who represents the client and presents their insurance to multiple companies to find the best coverage and premium. Intermediary/MGA – An insurance intermediary who negotiates coverage with Lloyd's of London and other carriers in niche areas, such as tourism, oil and gas, etc. where specialized knowledge is required. Wholesaler - An insurance intermediary who does not posses specialized knowledge but rather attempts to cover any & every risk presented to them. Insurance Company - A company with enough capital internally to cover losses on insurance policies they provide. Reinsurance Company - An insurance company for insurance companies when policies are too big for the insurance companies capital or if they are unwilling to accept the risk entirely themselves. Insurance Brokers Association - Every province has an association for insurance brokers to network, learn, maintain professionalism, etc. Insurance Council - Every province has an insurance council, which is overseen by the provincial government and is charge of protecting public interest, resolving disputes, etc. Insurance Terminology

7. Risk Management Terminology The same applies to risk management; understanding the basic concepts is the start to effectively managing exposure: Separation - The act of separating assets to prevent risk exposures. Duplication - The act of keeping backup working copies of assets to prevent risk exposures. Avoidance - The act of avoiding some business operations with unacceptably high risk. Diversification - The act of diversifying business operations to prevent losses. Reduction - Any act to reduce risks. Prevention - Any act to prevent risks. Retention - The act of consciously taking risks. Transfer - Transferring risk to an external third party. Frequency - What insurance companies look at when accessing risks. Severity – Something else insurance companies look at when accessing risks.

10. Q & A