What is a contribution clause and how does it apply during claim settlement?

The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement.   The principle of contribution only applies to those insurance contracts which are contracts of indemnity. In fact, however, there would have […]

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What are the options for a company to buy insurance for expat employees?

Most companies now have global operations. They may be required by the statutory laws of the foreign land to provide coverage to expat employees working in their respective geography. Since in most countries insurance is regulated by local law, while buying the insurance policy for expat employees, it is important to ensure that the policy […]

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Only a few insurers cover overseas treatment for critical illnesses

Published in Mint on Dec 01 2016, Written by Abhishek Bondia There are different protocols to claim for treatment overseas. Some insurers require cashless payment, whereas others prefer reimbursement. Is it possible to get coverage for treatment outside India under a health insurance plan? —Kavita Lahiri Medical insurance plans issued by Indian insurers cover treatment […]

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What is the meaning of Insurance?

What is the meaning of Insurance? The concept of insurance originates from the principle of sharing the risks by a large group to reduce the burden on the few. Insurance also refers to ‘Risk Transfer’ in the language of risk management techniques. Insurance is a legal contract involving two parties, where one party proposes to […]

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Taking the trick and trap out of insurance

Published in Mint on Sep 16 2015   Mint Money has always advised you to avoid traditional insurance policies that double up as investment products. This is primarily because of three reasons: high costs, opaque structures and poor investment returns from these policies. But if recommendations of the Sumit Bose committee are implemented, most of […]

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Standard fire policy covers a house and its contents

Published in Mint on Aug 9 2016, Written by Abhishek Bondia Can I insure the furnishings of my new house? How does it work? —Monisha Burman Yes, you can insure the furnishings of your new house under your home insurance policy. The standard fire and special perils policy covers the building as well as its […]

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When fine print stumps your policy claim

Published in Mint on Aug 16 2016   Most people buy insurance in three quick steps: give the agent a quick listen, sign off on the paper and store the policy away. Yes, insurance legalese makes for laboured reading, but ignorance is even more painful. You need to know your policy—the exclusions at the very […]

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