FAQs and Glossary

Frequently Asked Questions

 

Where do I get copies of forms?

Download blank forms from this website, or email  for information.

One of my community’s vehicles has just been involved in an accident. What should I do first?

  • Deal with emergency medical and safety issues first

  • Get a complete description of what happened—take photographs whenever possible

  • Fill out an Auto Loss Claim form and send it in to the NWTAC office

 

What should I do when I get a new asset, or dispose of one?

Do this as soon as possible after acquiring or disposing of assets. Only changes filed in writing will be recorded on your insurance schedule. Additional or return premiums for buildings, contents and mobile equipment are processed quarterly. Auto policy changes are also calculated at the end of the policy year.

 

How can I find out what our insurance covers?

A complete summary is sent to each Program Member annually. For more information, call the NCIP office at 867 873 8359, Toll Free 1-866-973-8359 or email  for information.

 

How do we know how much we pay for insurance premiums?

A copy of your insurance schedule is sent to each program member at the beginning of March each year. That schedule lists all the property, vehicles and mobile equipment and what rate is being charged.

 

When you receive the list each year, review it to ensure it is accurate and send the confirmed form back to the NCIP office. On April 1, NCIP sends out invoices based on that schedule. Please make sure you report all changes as soon as possible.

 

The GNWT has asked me to provide proof of insurance – what do I need?

We will provide you with what’s called a Certificate of Insurance. It outlines the coverage provided and the name of the insurance company. Call the NCIP office at 867 873 8359, Toll Free 1-866-973-8359 or email  for information.

 

Glossary of Insurance Terms

Actual Cash Value

The cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence.

Actuary

An insurance specialist who calculates rates, reserves, dividends and other statistics.

Adjuster

A professional who represents the insurer and determines the extent of the insurer’s liability for loss when a claim is submitted.

Assets

All the available properties and every kind or possession.

Automobile Liability Insurance

Coverage to cover bodily injury or property damage caused by an automobile.

Broker

Insurance salesperson who works in the interest of clients, not insurance companies.

Claim

A demand made for payment of benefits specified in the policy.

Coverage

The scope of protection provided under a policy, ie perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, living and death benefits are listed.

Deductible

Amount that the insured pays before the insurance begins to pay the costs.

Hazard

A circumstance that increases the likelihood or probable severity of a loss.

Liability

Broadly, any legally enforceable obligation

Loss Control

Action taken to reduce the frequency and/or severity of losses, including exposure avoidance, loss prevention, loss reduction. A combination of risk control and risk financing is known as a risk management program. The use of insurance, risk avoidance, loss control, risk retention, self insuring, and other techniques that minimize risks.

Premium

The price paid for insurance protection.

Replacement Cost

The value to replace damaged property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.

Risk Management

Management of the risks by analyzing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance.

 

For more information about insurance, please email NCIP Manager Ron Dennill or call the NCIP office at 867 873 8359, Toll Free 1-866-973-8359