Insurance Planning

Policyholder must make claim in writing if explicitly required by policy terms. In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers or agents. However, such a consultant must still work through brokers or agents in order to secure coverage for their clients. Title insurance provides a guarantee that title to real property is vested in the purchaser or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.

Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances. In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages.

Tools To Help You Plan

If surveyor is not appointed, the company's claims department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation. The current reconstruction value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. Feet is Rs. 800/-, then the sum insured for your home's building structure is Rs. 8,00,000.

Why Is Insurance Important?

Collateral protection insurance insures property held as collateral for loans made by lending institutions. Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes. Boiler insurance insures against accidental physical damage to boilers, equipment or machinery.

Can I Have My Vehicle Repaired At The Work Shop Of My Choice?

Environmental liability or environmental impairment insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage.