Long term third party motor insurance policies for commercial vehicles are still some time away. This is because non-life insurers are not yet prepared to bear the same premium costs for longer durations, due to this segment being loss-making.
According to sources, there has been a rise in organised individuals and syndicates indulging in fraudulent claim filings, leading to a challenging environment for investigatorsAn insurance claim investigator was recently attacked in West Bengal for
Sixty-five year old Rajendra Shastri's life insurance policy expired a year ago. He is busy scouting for another one now as he has a specially-abled daughter who won't be able to fend for herself after Shastri.
Say your car is eight years old and, as you haven’t claimed any motor insurance, the no-claim bonus (NCB) on your car amounts to a 50 per cent discount on the premium. You plan to buy a new car next year.
Divya Gandhi, head of general insurance at Emkay Insurance Brokers, recounts two cases where a personal accident (PA) claim was denied. In one, the policy holder, who had a limp, had an accident and fell down.
Customers might soon see specific general insurance products suited to their profession, income-bracket, age and need, if the recommendations of the Working Group on File & Use guidelines for the non-life sector is accepted by the Insurance
A contract of insurance requires both the parties to maintain utmost good faith. Once a policy is issued, the terms and conditions cannot be varied, unless such variation is expressly consented to by the insured.