The definition of "Insurance" is typically found in which document?

The definition of "Insurance" is primarily established in the Insurance Act of each province. This Act serves as the legislative framework governing the insurance industry, specifying critical concepts, including the definition of insurance, the types of insurance products, the obligations of insurers and insured, and the regulatory requirements for insurance practices. By outlining these definitions and principles, the Insurance Act provides clarity and consistency within the industry, ensuring that all stakeholders have a common understanding of what constitutes insurance.

While other documents like the policy or application form may outline specific terms related to an individual insurance agreement, they do not provide the overarching, standardized definition of insurance itself. Similarly, an indemnity agreement focuses more on the contract terms related to compensation for losses rather than defining the nature of insurance as a whole. Therefore, the most authoritative and comprehensive source for the definition of "Insurance" is indeed found in the Insurance Act of each province.