Have you ever taken the time to review your auto insurance policy? If so, you may have noticed that usually contain a lot of "SEF" numbers on it, some for a small additional premium, with a minimum of explanations as to why they are there and what they are. Over the next two weeks we will try to debunk what they are and why they are an important part of politics.
Generally, an insurance policy is developed by an insurance company with the same standard wording for all investors, and then customized using endorsements, changing the language of the policy to meet the individual needs. This is an easy and cost-effective approach to provide a comprehensive insurance coverage without the hassle of a complete rewrite of the policy each time.
Car insurance takes a little further, and in each province, the language of the Auto policy is written by the provincial government and the law of each insurer must use the wording of Government at the 'automatic broadcast coverage. This ensures that everything is standardized and consistent for everyone. In Alberta, the government's policies are known as standardized policy forms (PSSA) and mentions that change are known as the forms standard approval (SEFS). It is similar in Ontario with OAPs (Ontario Automobile Policy) and OPCFs (Ontario Policy Change Forms). As Rogers is based in Alberta, we will use Alberta abbreviations for the rest of the posts in this thread.
Stay tuned for next week when we get into the details of the first 5 of the 10 most common! Endorsements
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