What is a TPA and what are its functions in health insurance?

TPA stands for Third Party Administrator. It is an intermediary company between an insured and insurer. It provides a supporting role to the insurer in terms of claim settlement. This body obtains a license from IRDA in order to function in the insurance industry. The third party administrator knows all the aspects of health insurance. […]

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What is considered as an accidental injury in personal accident insurance?

Accidental injury as the name suggest delineates all those types of injuries which are the outcome of an unforeseen and unfortunate mishap. Falls, cuts, burns, road accidents, bites, stings and drowning are examples of accidental injuries. Accidents can happen any time and accidental injury is one of the alarming cause of death. Injuries resulting from […]

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What is excess in professional indemnity insurance?

Excess in professional indemnity insurance is defined as a small percentage of total sum insured which is payable by the insured at the time of claim. Insured has to borne the part of every claim which is a fixed amount prior to payment by the insurance company. This fixed portion of the claim which is […]

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What is a hammer clause in an insurance policy?

Gaining an insight on Hammer Clause is a pre-requisite while availing Directors and Officers Liability Insurance. In order to know the impact of hammer clause, one has to assess the financial repercussions of this clause on claim settlement amount. This clause provides a power to the insurer to reduce their limit of liability. A settlement […]

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Is directors and officers liability insurance a claims-made policy?

Yes, Directors and Officers Liability Insurance is a claims-made policy. This policy is a pillar of strength through the dark phase since it safeguards the directors, officers and management against financial crisis arising due to alleged or actual wrongful acts. It is an inevitable part of risk management portfolio and a supportive presence at the […]

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Are Directors Personally Liable For Company Debts?

If directors act correctly, they may not be held liable for debts. As it is a well-acknowledged fact that company is a separate legal entity but directors may be held liable for company’s insolvency if there has been some wrongful trading. A director can be held liable for corporate debts in scenarios: – If he […]

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How to Reduce Premium of Professional Liability Insurance Coverage?

A professional liability insurance plays a crucial role in protecting you against legal claims for errors, omission and professional negligence. Also known as errors and omissions insurance policy, it indemnifies the policyholder against various claims which may arise due to a breach of duty, negligence, etc.; while discharging duties. Considering the vital role played by […]

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What does Warranties Signify in Office Insurance Policy?

In office insurance, it is warranted that the agreement which is there at the time of the policy inception, will be there throughout the policy tenure. There will be no variation in the terms and conditions of the policy without the written consent of the insurer. For the purpose of the warranty, the insurer is […]

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What is increased value clause in marine inland transit insurance?

The traditional marine insurance policy used to cover for only the market value of the ship commonly referred to as ‘Shipowner’s Interest’. However, apart from the market value of the vessel, there are other additional costs to be covered like sundries for the ship replacement, buying an equivalent new ship, such as office expenses or […]

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