Insurance Policies and Claims

Standard Life (now part of HDFC Life in India through acquisitions) was founded in the United Kingdom in 1825. It has British origins, not American or German, and became part of the Indian insurance landscape through strategic partnerships.

'Supreme Life' is a life insurance plan from Birla Sun Life (now Aditya Birla Capital). It's not associated with Aviva, LIC, or any other insurer mentioned in the options.

Key person insurance, also called keyman insurance and key man insurance, is an important form of business insurance. There is no legal definition for "key person insurance". In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. To put it simply, keyman insurance is a standard life insurance, TPD insurance or trauma insurance policy, that is used for business succession or business protection purposes.

Correct Answer: None of the above

Master policy means an insurance policy that provides coverage to eligible employees or members on a group basis.

Guarantee contract is to perform the obligation or to discharge the liability of a third party in case of its default. Thus, option 4 is the correct option.

Security or protection against a loss or other financial burden is known as indemnity. Thus, insurance policies are contracts which are in the nature of indemnity.

Correct Answer: ICICI Lombard

The Bombay High Court ruled that insurance policies can be traded and assigned, establishing that life insurance policies are transferable assets. This judgment clarified that policyholders have the right to sell, transfer, or assign their insurance policies to other parties, treating them as property.

In personal accident insurance, the principle of indemnity is not strictly applied as human life cannot be measured in terms of money.

The purpose of a deductible clause is to:

-eliminate small claims that are expensive to handle and process

-reduce premiums paid by the insured

-reduce moral hazard and attitudinal hazard

Both Health check-up and Cumulative Bonus provisions are applicable only in respect of continuous insurance without break. However in exceptional circumstances, the break for a maximum of seven days is approved as a special case subject to medical examination and exclusion of disease during the break period. Health check-up benefit will be accrued after completion of four years continuous claim free insurance.

A fact that would be important to a reasonable person in deciding whether to engage or not to engage in a particular transaction; an important fact as distinguished from some unimportant or trivial details.

It is not mandatory for an insurer to appoint a surveyor for each and every loss reported by a policy of general insurance. Only where the estimated loss exceeds Rs.20,000/-, the insurers are mandated to appoint a licensed surveyor to assess and settle the loss.

For a home insurance policy, that only provides coverage on losses incurred to your property from hazards or events named on the policy, named peril policies may be purchased as less expensive alternatives to comprehensive coverage or broad policies, which are the policies that tend to offer coverage to most perils.