Insurance policies can be modified by using a term called endorsing a policy. A policy endorsement can be done to modify coverage’s, add or delete insured items from a policy and modifies a current policy without completely rewriting it. When an insurance policy is endorsed the … [Read more...] about What is an “Endorsement”?
What is an ‘Excess’? An excess is the amount of expenses that must be paid out of pocket before an insurer will cover any expenses, if you decide to claim on your policy. If you claim on your policy your insurance company will be paying you out, so basically it's a way of them … [Read more...] about What is 'Excess' or 'Deductible'?
When an individual (seller), in whose favour the certificate of insurance of the vehicle has been issued, transfers the ownership of the vehicle to another person's name (new owner or buyer), then as per Sec 157 of Motor Vehicles Act 1988, the certificate of insurance and the … [Read more...] about How to transfer car insurance of Second Hand Car?
What is IGMS? The Integrated Grievance Management System(IGMS) facilitates online registration of policyholders’ complaints and helps track their status. How do you use IGMS? A policyholder can make optimum use of this system by giving accurate information about the … [Read more...] about File your insurance complaints online with IRDA’s IGMS
What is Insured’s Declared Value(IDV)? The insured's declared value (IDV) of the vehicle will be deemed to be the Sum Insured for the purpose of your car insurance policy and is fixed at the commencement of each policy period for each insured vehicle. For a new vehicle, the IDV … [Read more...] about How to calculate correct Insured’s Declared Value(IDV)?
Relationship manager of a leading private bank had suggested an investment cum insurance product to Vipul, a ULIP policy, which their bank was offering due to their tie up with an insurance company. The Relationship Manager explained Vipul all the policy terms in details. Vipul … [Read more...] about Wrong insurance product sold, what to do now?
Insurance Regulatory and Development Authority (IRDA) released the new premium rate structure for third party motor insurance. The new rates that will be effective from April 25 are expected to impact the commercial transporters more than private individuals. The third party … [Read more...] about Third party motor insurance premium rates will increase (upto 68%) from 25th April’2011
What is a Material Fact? Any fact which would influence the insurer in accepting or declining a risk or in fixing the premium or terms and conditions of the contract is material and must be disclosed by a proposer, or by the insurer to the insured. Material Facts in other words … [Read more...] about Material Facts – Facts which need to be disclosed and facts which need not be disclosed?
Immediate action after the accident First of all, please take care of your health and consult doctor for precaution and treatment (if required). Notify Police authorities in case of Road Traffic accident. Notify the claim at the insurance company’s call centre as soon as … [Read more...] about 8 steps to file a motor insurance claim?
Samir had bought a Honda City last year and added few latest accessories in it. Now it’s time of insurance renewal of the Honda City, so he called up an insurance agent. Insurance agent checked the latest market price of that model and gave him the IDV(Insured declared value), … [Read more...] about How underinsurance and overinsurance will affect you?