Keyman insurance or key person insurance is a type of insurance that enables the protection of businesses from facing extreme losses due to the eventuality; or permanent disablement of an individual; who plays a critical role in the company. Many of small and medium-sized companies typically depend on a small, competent, and passionate team and […]
Articles Tagged: Premium
Medical establishment insurance: Know all about professional indemnity policy
Medical establishments act as the biggest hedge against life risks, they save people during medical emergencies. Did you ever think that medical establishments (hospitals) may be at any kind of risk? Well yes, they run the risk of claims made by their patients about any kind of wrong treatment, unnecessary treatments/tests, or some form of […]
How does an insurer decide on the premium to be charged for property insurance?
Insurers follow a structured approach to a price premium for underwriting each risk. That’s how a premium is decided to be charged for property insurance. Below is the list of steps that they take – Assess the quantum of risk at each location – Insurers assess each proposal with information on the quantum of the […]
Types of endorsement scales in group medical insurances
As an organization contemplating group medical coverage (GMC), you might have encountered different types of endorsement methods. This post helps to make sense of these endorsement methods. Insurers frequently use two types of endorsements methods in the case of group medical insurance: Pro-rata As the name suggests, pro-rata means proportionate. In this endorsement method, the […]
How much will e-cash incentives help?
Published in Mint on Dec 13 2016. On 8 December, the government announced a slew of incentives on digital transactions. Such transactions include those done with credit cards, debit cards, e-wallet, mobile apps and Net banking. The government said that in the aftermath of the cancellation of the legal tender character of old Rs500 and […]
Insurers charge an extra premium equal to the out-patient department cover provided
Published in Mint on Oct 06, 2016, Written by Abhishek Bondia Is there any health coverage that covers medical tests as well, or is it only for hospitalization? I need to do medical tests on a regular basis due to diabetes. —Arjun Singh There are several health insurance plans that provide outpatient (OPD) coverage. Under […]
Cancellation of motor insurance policy may be expensive
Published in Mint on, Jun 18 2013, Written by Kapil Mehta I met with an accident recently and my knee was fractured. Now I have recuperated. I want to know if ever the need for a knee replacement arises, will it be considered as a pre-existing disease? —Priyanka Singh When you decide to go in […]
Insurers typically don’t allow hiking cover
Published in Mint on, Aug 29 2012, Written by Kapil Mehta My father bought a whole-life insurance policy worth $1,000 (about Rs.55,000) in 1965. He passed away in January 1996. The insurance company contacted us with very little information about the amount. How will we know if they are paying the correct amount? —Angela Baxter […]
New buyers of health plans may pay more
Published in Mint on May 28 2015 Most of us tend to buy health insurance policies later than sooner, when chances of facing health related issues are higher. So, to encourage more younger people to buy health insurance, an expert committee on health insurance has recommended that the premiums reflect risk at the age of […]
What are the Steps to Buy Commercial General Liability Policy?
Commercial general liability insurance plays a crucial role in covering property or bodily damages-related claims. If you are interested to buy a commercial general liability insurance policy then you must know what steps you should follow. The following steps will help you to buy Commercial General Liability Policy- Define your requirements As commercial general liability […]