Insurance Policies and Claims

A health underwriter needs to understand the risk profile of the insured, age, medical aspects, fitness levels and family history and measure the effect of each factor affecting the risk. The objectives of underwriting are achieved, in short, by deciding the level of acceptability, adequacy of premium and other terms.

A claim will arise under an insurance policy when the insured events happen. 

After settlement of claims, the insurers under subrogation rights applicable to insurance contracts, are entitled to the rights and remedies of the insured and to recover the loss paid from a third party, who may be responsible for the loss under respective applicable laws. Thus, insurers can recover the loss from shipping companies, railways, road carriers, airlines, port trust authorities etc.

MRI is an insurance policy that provides financial protection for home loan borrowers and their families. Specifically, MRI helps settle outstanding home loan amounts in the event of death or total disablement of the borrowers.

A function of a direct broker as per IRDA Regulations is to assist clients in paying premium under section 64VB of Insurance Act, 1938. Other functions are:-  (a) obtaining detailed information of the client's business and risk management philosophy; (b) familiarising himself with the client's business and underwriting information so that this can be explained to an insurer and others; (c) rendering advice on appropriate insurance cover and terms; (d) maintaining detailed knowledge of available insurance markets, as may be applicable; (e) submitting quotation received from insurer/s for consideration of a client; (f) providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover; (g) acting promptly on instructions from a client and providing him written acknowledgements and progress reports; (h) assisting clients in paying premium under section 64VB of Insurance Act, 1938 (4 of 1938); (i) providing services related to insurance consultancy and risk management; (j) assisting in the negotiation of the claims; and (k) maintaining proper records of claims; 

The coverage and the sum assured depend on the different covers opted and the type of individual availing the plan. All the options are true in the context. 

Benefits of Householders insurance:

• comprehensive coverage to both content and structure of home. -Securing assets in any mishap. -Home insurance policy is at comparatively lower premium rates than other insurance policies. etc. 

Fire insurance policy is suitable for commercial establishments as well as for the owner of property, and for individuals / financial institutions who have financial interest in the property.

The main features of underwriting are as follows

i.    To identify risk based upon the characteristics ii.   To determine the level of risk presented by the proposer iii.  To ensure that the insurance business is conducted on sound lines

This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured. This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy.

Insured's declared value in motor insurance includes manufacturer's selling price. IDV is the value of the vehicle, which is found by adjusting the current manufacturer's listed selling price of the vehicle with depreciation percentage, as prescribed in the IRDA regulations. Manufacturer's listed selling price will include local duties / taxes, excluding registration and insurance.

The policy covers the cost of accidental breakage of insured glass by any reason, except those that are specifically excluded. Some of the exclusions are:- 

Fire or explosion Earthquakes or such other convulsion of nature Damage to frames Cost of removal or replacement of any fittings or fixtures necessitated for replacing the broken glass Cracked or imperfect glass Any superficial damage or scratching 

The insurance is: (a) A cooperative device to spread the risk; (b) the system to spread the risk over a number of persons who are insured against the risk; (c) the principle to share the loss of the each member of the society on the basis of probability of loss to their risk; and (d) the method to provide security against losses to the insured

Different types of marine policies include: • Specific policy • Open policy • Open cover • Duty and increased value insurance • Delay in start-up

Birla Sunlife Insurance used the campaign line 'Because life insurance is also about other people's lives' emphasizing the protective aspect for loved ones. TATA-AIG, HDFC, and ICICI Prulife have different brand positioning.