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GENERAL What is Insurance ? It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Why do I need Insurance ? Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered. What does General Insurance do for me ? Accidents... illness... fire... financial securities are the things you'd like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance have been made compulsory. How much Insurance do I need ? It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured. What can I get covered under insurance ? Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged, can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also your liability towards others can be covered. Why should one cover oneself immediately ? Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest. What is Premium ? Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance. Why should I fill up proposal form for buying Insurance ? Insurance is a contract between the insured and the insurer. The proposal form is the basis of contract and it contains all the required information for the preparation of the policy which is a contract document. What is Underwriting ? It is the consideration of material fact to asses the risk and to take the decision whether to accept the risk for insurance contract and if so at what rate of premium. What is deductible ? The amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining insurance company's liability. What is Reinsurance ? It is an arrangement by which insurance companies spread their risk
VEHICLES What are the policies available for covering the vehicles ? There are two policies: Third party Insurance and Comprehensive Insurance. Is it mandatory to have insurance for plying vehicles on the public place ? As per Motor Vehicle Act, it is mandatory to have Motor Third Party Policy for covering Third Party liability. What is covered under Liability Only Policy ? Owners' liability towards Third Party Personal Injury and Property Damage. What does Motor Comprehensive policy Cover ? This type of policy covers all the risks covered under Motor Third Party policy plus loss or damage caused to the vehicle due to: Accident, Fire, Explosion, Self Ignition, Lightning, Burglary, House Breaking, Theft, Riot, Strike, Flood, Hurricane, Earthquake, Malicious Acts, Transit by road, air and waterways and also include towing charges can be covered in payment of additional premium. What are the exclusions under Comprehensive Policy ? Damage caused due to: Driver being under intoxication, Vehicle being driven by a person not holding an effective valid license, Damage to tyres (unless the vehicle is damaged at the same time),Wear and tear and mechanical breakdown damages. What are documents required at the time of claim ? Copy of claim intimation given to insurer, duly filled Claim Form, Driving License, Registration Certificate of Vehicle, Estimate of repairs from repairer, Bills and Cash Memo of repairs, any other documents deemed fit for the situation. Can the amount be paid directly to the repairer ? Yes. What is the amount I have to bear ? Compulsory excess, Reasonable value of salvage if not surrendered to insurer and depreciation. What is "No Claim Bonus" ? It is a special discount given on premium for every claim-free year.
PROPERTY What are the insurance policies that cover property ? Insurance policies like Standard Fire & Special Perils Policy, Marine (Cargo), Engineering and Burglary Insurance policies cover various types of properties. What kind of properties can be covered under Standard Fire & Special Perils Policy ? Building, Machinery & Equipment, Furniture, fixture & fittings and Stocks. What types of risks are covered under Fire Policy ? Fire, Lightning, Explosion/Implosion, Aircraft Damage, Storm, Cyclone, Riot, Strike, Malicious Damage, Impact Damage, Subsidence, Land Slide, Bush Fire etc. What is Marine (Cargo) Insurance ? The insurance of goods in transit from one place to another by any single mode or combined modes of sea, rail, road, air and inland waterways. What types of cover are available for industries and Civil Construction ? Two broad groups of Engineering polices are available for industries
What does Burglary Insurance cover ? It covers theft of property after actual forcible and violent entry or exit. Which policy best suits to household ? Householder's Insurance Policy that covers most of the risks faced by a household. Is there any policy available to cover the accompanied baggage during travel ? Baggage Insurance
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