Claims are estimated in General Insurance Policies 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. Case on How are […]
Articles Tagged: general insurance
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 […]
What is Franchise Clause in Insurance and How Does It Work?
The Franchise Clause in Insurance 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. The following reasons justify the use of the franchise clause in Insurance : The insurer will try to […]
Adding rooms to your house will increase your home insurance premium
Published in Mint on Feb 20 2017, Written by Abhishek Bondia My house in Delhi is insured against earthquakes and I have never missed any premiums. I want to add two rooms to the second floor. Will my existing insurance policy suffice or will I have to take a new policy? If I need to […]
You cannot change a term plan’s specifications after buying it
Published in Mint on Jan 19 2017, Written by Abhishek Bondia What is an adjustable life insurance plan? Can this be done for a term plan? —Gautam Chopra An adjustable life insurance gives the option of changing the plan’s specifications during the term of a plan. Changes can be made to the sum assured, […]
No claim bonus can be availed up to 90 days after insurance policy lapses
Published in Mint on Jan 12 2017, Written by Abhishek Bondia I own a car that is 6 years old. I have been diligent with properly insuring it every year and have never taken any claim. Its renewal is due in January. However, I have been with my son in the US since November last […]
Not All Those Who Wander Are Lost
There was a time when entrepreneurship was considered unconventional, offbeat even. It was for the dreamers, the outliers. It was for millennials who looked at life differently, who yearned to know the world better, for whom ordinary just wasn’t enough. Perhaps the spark within these souls had been dimmed by cloistered office cubicles and protracted, […]
Buy a health cover with entry level sum assured for planned checkups
Published in Mint on Dec 27 2016, Written by Abhishek Bondia he area that I live in has a few hospitals but none of them are empanelled by the Central Government Health Scheme (CGHS). I am a central government employee. Will it be better for me to buy a health insurance policy? —Renu Tandon […]
A life annuity plan may be issued without any medical underwriting
Published in Mint on Dec 15 2016, Written by Abhishek Bondia I will retire in 5 years. I am single with no dependents. I have diabetes but have not gone through any other major treatment. How can I plan for my retirement? Would you recommend an insurance plan? —Oscar D’silva The key risk for you […]
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