Augmenting role of Social Insurance

Guest Contributor: Himanshu Kalra E-mail: himanshukalra@outlook.in Disclaimer : Views expressed in the article are solely of the author. Unemployment in America rose higher in three months of COVID-19 than it did in two years of the Great Recession. It recorded 14.7% unemployment rate in April 2020 which is highest in the country in post – […]

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Intermediaries and the enhanced foreign investment limit

Published in Asia Insurance Review. In 2019 the Indian government permitted 100% foreign investment in insurance intermediary companies. Has this move been useful and productive for them? Asia Insurance Review spoke with SecureNow’s Mr Kapil Mehta to understand the implications of the change. The insurer and the insured are the two main components of insurance; […]

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How is Claim Estimated in General Insurance Policies?

Claims are estimated based on the: Terms decided at the beginning of the policy The type of policy The type of asset insured The Assessors Report All claim payments under general insurance policies will also account for applicable deductible and co-payment clauses before paying the claim amount. Here is how claim is estimated in different […]

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Common General Insurance Terms You Should Be Aware Of

Here are some of the terms commonly used in case of general insurance: Insurance: It is a contract between two people (or companies) wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. Proposal: It is the application form for applying […]

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What is General Insurance?

Any insurance other than the life insurance is called as general insurance. There are certain principles that guide any insurance contract, the principle of indemnity being one of them. This principle states that the insured should not profit out of the insurance claim, i.e. insurance contract is supposed to return less than or equal to […]

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What is Franchise Clause in Insurance and How Does It Work?

The Franchise Clause applies the minimum amount of claim acceptable by the insurer. Generally, insurers decide the franchise limit based on the type of insurance and feasibility of recovering the loss from the erring party. Following reasons justify the use of franchise clause: Insurer will try to recover/salvage the loss Cost of recovery/salvage should be […]

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5 Benefits of Buying General Insurance Online

How do you decide which insurer to go for when buying a general insurance policy? How do you decide which plan suits your needs best? Can you ensure that you have understood everything about the policy and process? Will your claim be quickly processed when you need it most? All these are questions which keep […]

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What are the different types of General Insurance Policies?

Conceptually and legally, Insurance is of two types – life and general insurance. Any insurance policy insuring anything other than risk to a person’s life is a ‘general insurance’ or ‘non-life insurance policy.’ General insurance policies will insure anything other than the life of an individual. For example: Depending on what (the asset which is […]

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General Insurance: A Need of the Hour for Companies

Most companies are interested in insurance policies which will help protect them from future perils and mishaps. With increasing number of risks to businesses these days, companies more than ever before are in need of a good insurance policy.  However when it comes down to choosing the best policy they find the process difficult and […]

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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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