Insurance is a contract between an individual and the insurance company wherein an individual gets compensation against the losses from an insurance company. The insurance companies work by collecting small amounts of money from its clients and fund that money together to pay for damages.
Insurance is a protection against the unexpected incidents. Insurance product helps people in not only mitigating risks but also helps by providing a financial moderate against adverse financial burdens suffered. It helps people to manage risks, own a home, drive vehicles, maintain current standard of living, cover health care costs, run a small business, take vacations etc.
There are two types of insurance Life insurance and Non-life or General insurance i.e. Life insurance includes term life, whole life, endowment, money back, children policy etc. and Non-life insurance includes health insurance, vehicle Insurance, property insurance and fire Insurance.
Non-life insurance is any type of insurance other than life insurance. It may cover people, property or legal liabilities. Some common examples of non-life insurance include: Auto insurance, Property insurance, Health insurance, Accident insurance, Travel insurance, Disaster insurance (fire, flood, earthquake, etc.), Credit insurance Mortgage insurance etc. General insurance includes insurance policies for burglary, theft, and many more. It offers you a cover for your personal incidents such as accident and health insurance. General insurance is considered to be important because it almost covers everything. For example, it secures your motor vehicles from accidents or breakdowns from motor vehicle insurance plans and In case of accidents, you may have to arrange huge amount in least possible time. It’s then you can’t stop appreciating accident insurance policies.
An insurance premium is the amount of money that an individual or business must pay for an insurance policy. The insurance premium is income for the insurance company, once it is earned and also represents a liability in that the insurer must provide coverage for claims being made against the policy.
Deductible is the amount of money on an insurance claim that you would pay before the insurance company pays which has to be endured by the insured at the time of a claim. It is the responsibility of the insured where the insurance company will deduct from the claim payment.
Underwriting is a process that involves risk while considering material facts on the basis of which a decision will be taken whether to accept the risk. It evaluates the subject of insurance whether a person, property, profession, business or other entity and determines whether to insure it or not.
Reinsurance is insurance that is purchased by an insurance company directly or through a broker as a means of risk management where an insurance company transfers a portion of their risk to another party. It occurs when multiple insurance companies share risk by purchasing insurance policies from other insurers to limit their own total loss in case of any disaster.
Firstly, a person or organization must decide about the product they want to cover and must know about the risk against the product they are covering for. Along with it, they must know what is the current monetary value of the product and for how long they want it to be covered. After that they must get a proposal form from the Insurance Company or the company’s website and fill the appropriate fields and submit it at the Insurance Company accordingly.
The Insurance Policy Holder should complete all documentary requirements for recovering claim. It should check the Policy Schedule for the confirmation of insured name, policy period, property/person/liability insured, risk covered, premium and the policy for terms, conditions, warranties, etc.
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Fill up the Claim Form and submit the complete form together with the all required documents and receipts that are relevant to the nature of your claims and coverage.
The claim should be notified as soon as possible to the company. Some policies may state a specific period to notify of a claim. You are advised to study your policy for the terms and conditions. You can also visit one of our branches. We will take your details and try our best to settle the claim as soon as possible.
The insurance can be transferred in the name of another. The buyer (transferee) has to apply for transfer of insurance with the insurance company, his/her name and after making the payment of endorsement premium for the remaining period of the policy.