Zen Vichaar

  A good health insurance provides protection against unforeseen events. Health insurance policies have become necessary across all age groups as the cover offered helps minimize financial loss and policyholders need not suffer a dent in their savings for any health exigencies. Most health insurance policies elaborate on the coverage, sublimit etc. Deductible is another important feature of a health insurance policy. A health insurance deductible is the amount a policyholder must bear in a health insurance claim. This means the insurance company will pay the claim amount only after the reducing the amount of deductible. Insurer pays only when the claimed amount exceeds the deductible. If the claimed amount is less than the deductible the policyholder has to bear the hospitalization expenses from his pocket. Let us learn more about deductibles on this blog. Examples for deductibles for health insurance policies 1.      A has a health insurance policy wit...

  Liability means being responsible to another person or property. Insurance policies cover liabilities of profession, product, public and general liability. Liability to the public is covered through Public Liability policy. This policy covers insured’s legal liability to third parties. Public liability insurance policy pays for the claims made, for accidents that occur in the course of business. This insurance covers general liability risks and third-party accidents directly on the insured’s commercial property. However, it doesn’t cover loss or damage to materials, machinery of one’s own business, employees etc. Public liability policy pays for personal injury, property damage for accidental death, bodily injury, disease, accidents occurring within the insured premises or during transportation of materials and pollution risk within the period of insurance. Read on to get more details on the public liability insurance policy. Terms and conditions for public liability policies...

  Marine insurance policies cover the transit of goods between the seller’s premises to the customer’s premises. Transits are either by road, air or sea involving domestic and international destinations. The internationally agreed terms of sale are called incoterms. Incoterms or international commercial terms come into effect when two parties agree to the sale and purchase of goods, the contract between them takes care of the mode of sale, terms of sale which are legally binding on both parties. These terms are mostly used in trade of goods between the seller and the buyer. What are incoterms? As we mentioned earlier, these are the terms of sale, most commonly used in domestic and international contracts of sale of goods. Incoterms are recognized world over and are accepted as a legal term of trade. Incoterms elaborates the responsibilities of sellers and buyers . These are widely accepted as a common language between sellers and buyers internationally. The Internationa...

  Subrogation is a concept that applies to insurance policies. It is  the legal principle that allows the insurance company to recover the amount paid as compensation. With the help of this condition the insurance company can recover the loss from the person responsible for the insured loss . Subrogation applies to fire, marine and non-life policies. We will look into the details of the subrogation aspect of insurance policies in this article. Understanding subrogation Subrogation means one person pursuing the rights of another. Here it is the insurer who stands in the place of the insured to recover the damages. The process of a settlement under an insurance policy is easier for the insured as the recovery aspects are taken over by the insurance company and claim is quickly settled. Insurance company will have the same rights and legal standing as the policyholder when seeking compensation for losses. Insurance company takes the financial burden of the insured as ...

  On scrutinizing a policy one can get an understanding of the cover offered, period of insurance and other aspects of the policy are covered.   On close examination of the policy the territory and jurisdiction are mentioned as India. Till the recent past, these limits were hardly significant in an insurance claim. However, the significance of the terms holds relevance in the global scenario today. Let us look at these aspects in more detail and why they have gained significance today. What is territory limit in an insurance policy? Territory limit is the area where the policy will provide cover to the policyholder. Insurance policies are generally issued with India as the territory. This means that the country of operation for business, residence, travel, transits and other insurance covers is India. Suppose someone who is travelling outside India requires a cover for extended territory then he has to place the request with the insurance company and they may consider ...

An integral part in procuring an insurance policy is risk inspection. Risk inspection in insurance is a crucial process that insurers use to evaluate and assess the potential risks associated with insuring a particular property. The goal of risk inspection is to gather accurate and detailed information about the insured entity so that the insurer can determine appropriate coverage and premium rates. Understanding  the risks and the financial implications of an unruly risk  are the primary motives in the risk inspection process. The risk inspection is initiated either by the insurance policy applicant or the insurer. Who conducts the risk inspection? Risk inspection is usually conducted by a risk inspector who is engaged to understand the likely threats /hazards from all quarters. Risk inspectors either work as independent consultants or work for organizations dedicated to risk inspection and provide this service to insurance companies. What are the benefits of risk inspection...