What do you mean by Insurance?

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.

What is Insurance Policy?

An insurance policy is a document that contains the details of the agreement between the insured customer and the insurance company and mentions the details of coverage against the premium charged by the insurance company. The insurance policy is the contract of agreement between the insured customer and the insurance company for a period as mentioned in the policy year. The insurer is obliged to serve the customer with claims or any other requirement during the policy period of the insurance policy.

Can a Car Insurance Company Deny A Claim?

Yes, a car insurance company can deny a claim if they find that the claim doesn't meet the policy's terms and conditions. This denial can occur for various reasons, such as a lack of coverage for the specific incident, failure to report the claim promptly, or if the insurer believes the claim is fraudulent. Policyholders have the right to appeal claim denials and should review their policy documents to understand why the denial occurred and explore their options for resolution.

Can a Car Insurance Company Refuse To Pay A Claim?

Yes, a car insurance company can refuse to pay a claim if they find that the claim doesn't align with the terms and conditions of the policy. Common reasons for claim denials include inadequate coverage, policy exclusions, misrepresentation or fraud by the policyholder, or failure to meet specific claim requirements outlined in the policy.

How Does a Life Insurance Company Know If You Smoke?

In India, life insurance companies employ various methods to determine whether an individual smokes or uses tobacco products. Here are some common ways life insurance companies gather this information:

Application Questionnaire

Medical Examination

Medical Records

Nicotine Testing

Teleunderwriting

Can We Change Car Insurance Company?

Yes, you can change your car insurance company if you have a claim that is not covered by your current provider. However, if you are changing companies for a different type of coverage, then there are specific requirements that must be met. There are many reasons why people choose to switch their car insurance companies. Some people do it because they have a claim that is not covered by their current provider and they need to file a complaint or get a refund. Others may want to switch because they feel like the premiums are too high or the customer service is lacking.

Can Insurance Company Check My Driving Licence?

Yes, Insurance companies can check if your driving license is valid or not. If you are applying for an insurance policy, it is important that the insurance company have access to your driving license. This is because they will use this information to assess your risk and make a decision on whether or not to offer you the policy.