Average Clause in Fire Insurance Policy is an important clause in determining the Claim Amount that will be paid to the Insured. The Clause comes into play when the Policyholder has underinsured the Property. In such cases, the Claim Amount will be subject to a proportionate deduction subject to the extent of Underinsurance
What is the Principle of Indemnity in Insurance?
Principle of Indemnity in Insurance states that Insurance should restore the Insured in the same financial position as he was in before the loss to the same financial position after the loss. It also states that the Insured should not make profit out of the Insurance Policy
Insurance Claim – Definition, How it Works, Process, and Types
An Insurance Claim is a formal request by the Insured for Compensation from a Covered Loss under the Insurance Policy
What is Liability Insurance? – How it Works, History, Features Principles and Types
Liability Insurance is a type of Insurance product which provides coverage against lawsuits arising from Bodily Injury or Property Damage or for Financial Losses suffered by Third Parties on account of negligence, Errors or Omissions or Breach of Duty by the Insured Party.
Marine Insurance Act 1906 – Detailed Overview
Marine Insurance Act 1906 is an Act of UK Parliament regulating Marine Insurance. The Act applies to both “ship and cargo” and it is a codification of 200 Years of Judicial Decisions
How to Cancel a Group Health Insurance Policy and What is the Premium Refund Process?
A Group Health Insurance Policy can be cancelled by the Insured or the Insurance Company by giving an advance written notice. The reason to cancel a Group Health Insurance Policy can be multifold.
What is an Insurance Policy?
An Insurance Policy is a legal contract between the Insurance Company and the Policyholder which specifies the terms and conditions of the Insurance Contract.
Insurance – Definition, How it Works, Benefits, History and Types
Insurance is defined as the process of transferring risk by the owner of the asset to the Insurance Company in return for an Insurance Premium.
Vidal Health Insurance TPA: Benefits, Claim Process and Hospital List
Vidal Health Insurance TPA is one of the leading Third-Party Administrators with tie-ups with 12,000+ Network Hospitals and partnerships with top health insurance companies in India.
ICICI Lombard Group Health Insurance Policy – Detailed Review
ICICI Lombard Group Health Insurance Policy is a comprehensive Group Mediclaim Insurance Plan offering features such as No Room Rent Capping, No Sublimits, Coverage for Pre and Post Hospitalisation Expenses and Maternity Benefits