Insurance Planning

Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid through taxation. In most countries, health insurance is often part of an employer's benefits.

Why Should I Purchase Insurance?

With premium income of $1.62 trillion, Europe was the most important region in 2010, followed by North America $1.41 trillion and Asia $1.16 trillion. Europe has however seen a decline in premium income during the year in contrast to the growth seen in North America and Asia. The United States and Japan alone accounted for 40% of world insurance, much higher than their 7% share of the global population. Emerging economies accounted for over 85% of the world's population but only around 15% of premiums. The country expected to have the biggest impact on the insurance share distribution across the world is China.

Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. Travel insurance is a type of insurance designed to cover the costs and losses associated with unexpected events incurred while traveling. Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies. For example, if you own several expensive automobiles and have a history of reckless driving, you will likely pay more for an auto policy than someone with a single mid-range sedan and a perfect driving record. However, different insurers may charge different premiums for similar policies.

Build Your Plan

General insurance includes car insurance, health insurance, two-wheeler insurance, travel insurance, home insurance, corporate insurance, critical illness, and personal accident insurance. Based out of Gurgaon, Haryana, PolicyBazaar is an insurance broker approved by IRDA of India. We offer an online platform for insurance buyers where they can easily compare different insurance policies such as car insurance, life insurance, two-wheeler insurance, term insurance, retirement plans etc.

Annual plan would cover you for the full year without the need for you to come back after 60 days as in the case of Regular Annual Multi trip plans. The cover shall start as soon as the premium is paid and confirmation is received for realization of the cheque from the bank. Good value for money, with IGI offering the most competitive premium rates in the industry. Yes, the policy may be transferred to another immediate family member provided that they have a valid driver’s license along with the registration of the vehicle transferred in their name. Insurance can be taken for an unregistered vehicle however, the policy becomes null and void if the registration documents are not provided with 15 days.

Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums.

When you buy a policy you make regular payments, known as premiums, to the insurer. If you make a claim your insurer will pay out for the loss that is covered under the policy. An insurance policy is the contract that you take out with an insurer to protect you against specific risks under agreed terms. You can buy insurance policies for many aspects of your life, for example for your health, home, car, business, or retirement. General Insurance– Also known as non-life insurance, general insurance is defined as any insurance that that doesn’t fall in the category of life insurance. As per applicable terms and conditions, it provides pre-decided insurance coverage to the insured in exchange of a specific premium.

Under- insurance occurs, if the sum insured is less than the market value; you are self-insuring the difference, and will only be partially compensated. For example, if you have insured your vehicle up to 70% of the market value, the insurance company will only pay 70% of the total repair cost. Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. Typically, courts construe ambiguities in insurance policies against the insurance company and in favor of coverage under the policy. As a result, the premiums may go up if they determine that the policyholder will file a claim.

A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. For instance, whole life insurance may or may not be the right type of life insurance for you. There are three components of any type of insurance that are crucial.

Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. Agents generally cannot offer as broad a range of selection compared to an insurance broker. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from substantial losses.

Property damage liability – which reimburses others for damage that you or another driver operating your car causes to another vehicle or other property, such as a fence, building or utility pole. Over insurance occurs, if the sum insured is greater than the market value of the vehicle. Please note that insurance cover of the previous owner becomes invalid on the sale of the vehicle. In July 2007, the US Federal Trade Commission released a report presenting the results of a study concerning credit-based insurance scores in automobile insurance. The study found that these scores are effective predictors of risk. It also showed that African-Americans and Hispanics are substantially overrepresented in the lowest credit scores, and substantially underrepresented in the highest, while Caucasians and Asians are more evenly spread across the scores.

It is the responsibility of the policyholder to provide all documents as required in writing by the insurance company. A tied agent, working exclusively with one insurer, represents the insurance company from whom the policyholder buys . Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict.