A Group Personal Accident Insurance Policy excludes claims on account Natural Death, Death under the influence of Alcohol, Self-Inflicted Injuries or Participation in Illegal Activities. This article discusses the exclusions of a Group Personal Accident Insurance Policy in detail.
What is SBI General Group Personal Accident Insurance Policy? SBI General Group Personal Accident Insurance Policy for employees provides coverage to employees against the risk of Accidental Death or Accidental Disablement resulting from an Accident. The Policy also covers medical expenses arising as a result of an Accidental Injury. A Group Personal Accident (GPA) Insurance Policy for Employees is an extremely important Insurance Policy purchased by employers to secure their employees and their family members from Accidental Death or Disability.
What is a Cyber Risk Insurance Policy? A Cyber Risk Insurance Policy protects the Insured Company from the risk of data breach. A Cyber Risk Insurance Policy pays for the cost of recovering from the Data Breach Incident or any other form of Cyberattack faced by the Insured Company. Additionally, the Policy also provides coverage for legal liability from parties which have been affected by the Breach such as customers, vendors and partners.
One important feature of a Commercial General Liability Insurance Policy Coverage is cover for Supplementary Payments. This article will explain in detail all forms of Supplementary Expenses covered under a CGL Insurance Policy.
What are Supplementary Expenses under a CGL Insurance Policy? A typical Commercial General Liability Insurance Policy defines Supplementary Expenses as under:
Reasonable expenses (other than defence cost) incurred by the Insured at the request of the Company to assist in the investigation, defence or settlement of such claim or claims which are the subject of indemnity by the Insurance Policy;
A simple claims settlement process is one of the important features of Group Health Insurance Policy and it is important for employers to understand the Claims Procedure under a Group Health Insurance Policy. A Group Health Insurance Claim is a request submitted by the Insured Employee under the Group Health Insurance Policy to claim reimbursement for the hospitalisation expenses incurred by the employee during the Policy Period. It is important to understand the Claims Process under a Group Health Insurance Policy and this article will explain the different types of claims settlement processes under a Group Health Insurance Policy and the steps involved in making the claim under each type of process under a Group Health Insurance Policy.
What is the Full Form of TPA? The full form of TPA is Third Party Administrator. A TPA is an IRDA registered and licensed intermediary which acts as a mediator between the health Insurance company & the Insured. The primary role of a TPA is to process Health Insurance Claims, provide health insurance E-cards, and establish tie-ups with hospital networks enabling patients to avail cashless claim settlement. Group Health Insurance Providers can outsource claims processing to External TPAs or process claims by having an In-house TPA team.
About Paramount TPA Paramount TPA is one of the largest Third-Party Administrators (TPA) in India with a presence in 130 locations across India. Paramount TPA acquired a TPA license from Insurance Regulatory and Development Authority in 2002. Paramount TPA has tie-ups with more than 20,000+ Network Hospitals and is empaneled with 29 leading Insurance Companies in India. Paramount TPA provides comprehensive range of services including Policyholder Enrollment, Insurance Endorsement Processing and an efficient Claim Settlement Process.
What is SBI General Group Health Insurance Policy? SBI General Insurance Company is one of the leading insurance companies in India for Group Health Insurance Policy for employees. SBI General Group Health Insurance Policy provides coverage for hospitalisation expenses incurred by the employees during the policy period. The Policy also provides coverage for Pre and Post-Hospitalisation Expenses. A Group Health Insurance Policy insures a group of employees under a common Health Insurance Plan and provide coverage for hospitalisation expenses incurred because of illnesses and injuries.
What is meaning of ESIC? The meaning of ESIC is Employee State Insurance Corporation. ESIC comes under Minister of Labour and Employment, Government of India.
Employee Benefits Package are an important part of retaining and attracting talented employees. Employers cover their employees under various insurance plans such as a Group Health Insurance Plan, Group Personal Accident Insurance Policy, a Group Term Life Insurance Policy etc. Another two important insurance policies that provide social security benefit to employees in India are Workmen’s Compensation Insurance Policy and Employee State Insurance (ESIC).
In today’s times of increased litigation, businesses should leave no stone unturned to secure themselves. There are many things that can go wrong with a product and might expose the company to chances of a lawsuit. A Defective Product might cause Bodily Injury or Property Damage to a user of the Product. Even though the manufacturer might take all precautions possible, mistakes might still occur and cause damage. The injured person might sue the manufacturer or distributor for damages which may lead to enormous legal costs and damages in the product manufacturer or seller.
Bajaj Allianz Group Personal Accident Insurance Policy for employees provides coverage for employees against Accidental Disability or Accidental Death resulting from an accident. The Policy also covers medical expenses incurred as a result of the accidental injury.
What is the Meaning of STFI Coverage in a Fire Insurance Policy? Fire Insurance Coverage includes cover for many perils apart from the basic cover for a fire accident. One of the important add-on covers in a Fire Insurance Policy is STFI Coverage. STFI cover is an add-on cover purchased along with a Standard Fire & Special Perils Insurance Policy which protects one’s property against loss caused by any of the covered perils.
A Directors and Officers Liability Insurance Policy protects the Board Members, Officers, and other executives of a company from claims of Wrongful Acts committed in their managerial capacity. A Wrongful Act in a D&O Policy can be a Breach of Duty, Neglect, Error or Omission, Misstatement, or Misleading Statement. The D&O Liability Insurance Policy provides cover for Defence Costs and Compensatory Damages.
Directors and Officers of a Company operate in an uncertain and challenging environment, and they are exposed to litigation from various quarters such as shareholders, regulators, customers, employees, competitors, creditors etc.
OPD is a hospital department where patients receive healthcare services without getting admitted whereas IPD is a hospital department where patients receive treatment by getting admitted to the hospital for more than 24 hours. It is important to understand the difference between the two and their implication on Health Insurance Coverage
Today’s volatile economic environment has increased the risks for businesses manifold. The issue of unpaid invoices is one of the biggest challenges facing many businesses today. Fortunately, there are financial instruments which can be used to mitigate the risks of non-payment of invoices and this article will explain a couple of them: Letter of Credit and a Trade Credit Insurance Policy.
What is a Letter of Credit? A Letter of Credit is a financial instrument issued by a bank on behalf of the buyer to the seller as a guarantee of payment for the goods or services.
A Burglary and Theft Insurance Policy provides coverage for loss of insured assets due to theft and burglary at the insured premises. The Policy can be purchased for factories, warehouses, homes and offices.
What is Personal and Advertising Injury in a CGL Insurance Policy? A Commercial General Liability Insurance Policy (also known as CGL Policy) is one of the most important insurance policies for any business. A CGL Policy covers the Bodily Injury and Property Damage suffered by third parties. The Bodily Injury and Property Damage Section of the CGL Policy covers Premises and Products Liability Exposure. However, there is much more to a CGL Policy Coverage than only Bodily Injury and Property Damage Cover.
Cyber Risk is one of the biggest risks facing organisations today. Data Breach Incidents are becoming increasingly common today driven by rise in number of ransomware and malware cyberattacks. Implementing appropriate Cyber Security and Data Protection measures should be the topmost concern of companies. Along with robust data protection measures, companies should consider purchasing a Cyber Insurance Policy with comprehensive coverage as a way to transfer some of the risks associated with Cyberattacks and Data Breach Incidents.
An Errors & Omissions Insurance Policy (also known as E&O insurance) is a Professional Liability Insurance for professionals from any category that insures them from lawsuits that they face fur to a mistake they committed in their professional capacity.
Professionals like Lawyers, Doctors, Architects charge heavy fees to their clients and owe a duty of care towards their clients. Any negligence might result in errors which might lead to heavy financial losses for the clients.
Principle of Insurable Interest forms the legal basis on whether Insurance can be taken or not. The Insured must have an Insurable Interest in the subject matter for which they want an Insurance Policy. Insurable Interest is when a Person stands to gain or benefit from the continued existence or well-being of a Person or an Insured Property and the Person would suffer a financial loss from the absence of the Person or the Property
Principle of Subrogation in Insurance means transfer of legal rights of the Insured to pursue recovery against a Third Party who is responsible for causing loss to the Insurance Company. The Principle of Subrogation is one of the fundamental principles of Insurance.
An Extended Reporting Period is a provision in a Claims Made Liability Insurance Policy which allows the Insured to make claims even after the Policy Expiry.
An Insurance Deductible is defined as the amount of loss that the Insured must bear from his own pocket before the Insurance Company starts paying out the claim.
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An Occurrence Based Insurance Policy is a form of liability insurance policy which provides coverage as long as the claim incident happened when the policy was active.
Even if the Occurrence Based Policy expires, the Insurance Policy will continue to provide coverage for claims which occur during the Policy Period.
A Claims Made Liability Insurance Policy which provides Insurance Coverage only when the liability insurance policy is active. For a Claims Made Policy to pay out a claim, the claim event should take place within the Policy Period.
Bharat Laghu Udyam Suraksha Insurance Policy provides protection to insured assets with a Sum Insured between Rs5 Crores and Rs50 Crores. All types of assets like plant and machinery, warehouse stocks, buildings etc can be covered under the Policy.
Bharat Sookshma Udyam Suraksha Insurance Policy provides protection to insured assets with a Sum Insured of less than Rs5 Crores. All types of assets like plant and machinery, warehouse stocks, buildings etc can be covered under the Policy.
An Insurance Broker is an intermediary between the Insurance Company and the Policyholder. Insurance Brokers assist clients in crafting comprehensive insurance solutions to secure the Policyholder from the various risks they are exposed to.
Export Credit Insurance of India, also known as ECGC, provides a range of credit insurance policies for exporters. These Credit Insurance Policies provide protection against the risk of unpaid invoices.
Retroactive Date in Liability Insurance is the earliest date from which your Liability Insurance Policy will cover Insurance Claims arising under the Policy. A Liability Insurance Policy will not provide any Insurance Coverage for Claim Incidents occurring prior to Retroactive Date.
Additional Insured is an Endorsement in Liability Insurance which extends coverage under the Insurance Policy to persons other than the Insured Party. The entity named as an Additional Insured can avail coverage under the Liability Insurance Policy and can also file a Claim with the Insurance Company under the Policy if they are sued.
Principle of Contribution in Insurance states that when there are multiple insurance policies insuring the same asset, the insurance companies would pay a Pro-Rata proportion of the loss in case of an Insurance Claim.
Reinstatement Value Clause in Fire Insurance Policy is a method of insuring assets at their Reinstatement Cost rather than their Depreciated Value. In case of a Fire Claim, the Policy will pay for replacement of damaged asset with a new asset.