Zen Vichaar

               Post the purchase of a health insurance policy and for easy exchange and servicing of the policy, the policyholder can choose to shift the policy to any insurance company or the branch of the same insurance company which is nearer to his residence. This change can happen without losing the benefits that have accumulated such as waiting period for PED (preexisting disease), benefits of the health plan etc.   This is called portability of health insurance policy. Policyholder can port the policy to another insurance company and keep the credits /benefits intact. IRDAI, the insurance regulator has enabled this process and ensures that the policyholders’ rights are protected. One can port the health insurance policy to any other insurer of one’s choice. IRDAI has laid down that the new insurer, to whom the policy is ported “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period...

  An insurance policy bond is given to the insured after payment of premium as a proof of an insurance contract. It is a legal document stating terms and conditions of the insurance contract. Policy bond is given after the proposal is accepted. Risk coverage commences after the acceptance of the proposal by the insurer. The insured in turn accepts all the terms and conditions of the policy. Thereafter a policy bond is issued. Policy bond is an important document which is required even at the time of a claim. In a health insurance policy document, the policy must clearly state the details of policy coverage, sum insured, number of members covered etc. Let us look into the details of a policy document. Details of a health insurance policy document Health insurance policy bond has the following details imprinted in the bond. ·        The name of the policyholder ·        Address, contact details of the policyholde...

  When a manufacture takes a fire insurance policy to pay for a loss the loss must have occurred at the premises specified in the policy. For this an add-on cover known as the temporary removal of stocks clause has to availed in the insurance policy. Normally the standard fire cover is a named-peril policy covering following named perils: Fire Lightning Explosion / Implosion Aircraft Damage Riot, Strike, Malicious Damages (RSMD) Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, inundation (STFI) Impact damage by any rail/ road/ vehicle/ animal (other than own) Subsidence, Landslide and Rock slide Missile Testing operations Bush Fire Bursting and/or overflowing of Water Tanks, Apparatus and Pipes Leakage from Automatic Sprinkler Installations   If the stock is shifted to temporary premises for the purpose of manufacturing and if there is an unexpected loss due to fire, storm   ...

  Businesses run smoothly when all the parameters are in equal pace. A small glitch in operations can result in a loss. For instance, the effect of the Covid pandemic on the     manufacturing sector was damaging to say the least. There can be many causes like fire, flood, earthquake, terrorism etc. that can cause severe loss, yet the unseen losses are the loss of profits in any enterprise. Normally a fire policy is purchased for business activity to cover the property, plant & machinery, stocks from various perils. This policy covers loss/damage to property only. But what about the anticipated profits     which were not     made out of the business, as a result of the operation of a peril? In such cases, the operations can come to a complete halt due to the force of a peril, the projected profits cannot be realized and a loss of profits can occur. Insurance policies cover such losses through the ‘Loss of profits’ or LOP policy. What are...

                                                                                             It is an accepted fact that money is required to run a business and to start a new business/venture. Banks and other financial institutions supply the required amount of funds for the successful conduct /opening of a business. But how does the bank /financial institution stand to benefit in this exercise more so if the business runs into a loss.? Let us examine the interest of banks and financial institution: Banks offer loans to the business with a facili...