Is Proposer Same As Insured?

Proposer is the one who proposes or requests the insurance company to provide insurance. Proposer can be the insured if he/she is taking the insurance policy for themselves. Proposer can differ from insured if a person is taking the insurance policy for their dependents. Hence the proposer may or may not be same as insured depending on the insurance requirement.

What is NCB in Insurance Policy?

NCB( no-claim bonus) in an insurance policy is a form of discount offered to the customers for not making a claim in the previous policy period. The no-claim bonus starts from 0% and reaches up to 50% for each claim-free year. NCB in auto insurance is valid for a period of 90 days from the expiry date of the policy after which the NCB would lapse. Higher NCB means a higher discount for the customer. If there is a claim the NCB would be reduced to 0% and then increases for each claim-free year. The NCB in health insurance is the extra sum insured offered to the customer for not making any claim during the previous policy period.

What is Keyman Insurance?

Keyman insurance is defined as an insurance policy where the customer, as well as the insured person both roles, are maintained as an employer.

Who is Insured Person?

Insured Person(customer) is the person who protected by an insurance company when he/she buy/purchase an insurance policy.

What is Sum Assured in Insurance?

Sum Assurance in insurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term sum assurance.

What do you mean by Insurance?

Insurance is a contract between the insured customer and the insurance company in which the insurance company promises to settle the losses of the insured due to insured peril acting at the time of loss or damage in return for a nominal amount known as “Premium”. The insurance contract is valid for a period as mentioned in the policy document and is legally enforceable in case of deviation by either of the parties of the contract.

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