Major Key Points - Insurance

Any one accident, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period that is called AOA.

The premium of the Term Plan is really dependent on three factors - your age, the amount of coverage and the duration of the policy. For the same age, duration and life cover, the insurance company can charge different amount from different person. Before buying a term insurance policy, you can compare different features on the online website.

The definition of warranty in insurance is an agreement between the two parties one is insured and another is the insurer that must be carried out with full responsibility by the insured.

In India, it is compulsory for every person who purchases a vehicle to buy a vehicle insurance or motor insurance policy. Be it a car or a bike scooter or a commercial vehicle. Under third party insurance, compensation is given to any person or other person walking on the road with a vehicle or damage to a property.

This term is the amount paid out of pocket by the policyholder before an insurance provider will pay any expenses.

Coinsurance is the percentage of costs of a covered health care service you pay after you have paid your deductible.

This is insurance coverage that automatically covers any risk that the contract does not explicitly omit.

An obligation to take reasonable precautions to minimize the risk of loss, etc, these conditions must be satisfied before an insurer becomes liable to pay the claim.

Exclusions are the cases for which the insurance company does not provide coverage.