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FAQs on General Insurance Research Team | Posted On Saturday, February 21,2009, 04:20 PM

FAQs on General Insurance



      1.      What is "Baggage Insurance”?

Baggage Insurance is insurance that covers the loss or damages to personal baggage of the policyholder or his family members due to fire, theft or accident during the course of journey anywhere in India including stoppage enroute.  
2.      Who is entitled to an Executive Travel Policy?
Any Indian National over the age of 18 years residing in India is entitled for Executive Travel Policy against risks during their travel overseas and within India.
3.      What is the maximum indemnity available under the Executive Travel Policy?
In case of personal accident, the maximum limit of indemnity is Rs.30 lakhs. In case of loss of checked baggage outside India, the maximum limit of indemnity is Rs.75, 000/- and within India it is Rs.40, 000/-
4.      What is covered by the Householder's Insurance policy?
The Householder's Insurance policy is designed to cover risks and contingencies faced by householders under a single package policy. It provides protection for property and interests as well as legal liability of the insured and his/her family members who permanently reside with the insured.
5.      Are electronic items covered under the Householder's Insurance policy?
NO. Electronic items, computers and their peripherals, dish antennae are not covered under the Householder's Insurance policy. A separate Electronic Equipment policy must be implemented to provide cover for them.
6.      What is the Premium rate for the Householder's Insurance policy?
The premium rate for the Householder's Insurance policy is calculated at 0.65 per thousand rupees value of the Capital Sum Insured. The Capital Sum Insured is derived at the time of commencement of the policy from the Market Value of the property.
7.      What are the exceptions against cover within the preview of the Householder's Insurance Policy?
Under Section 1 (B) the Householder's Insurance policy, any loss or damage suffered to the following is treated as an exception to such policy and cannot be claimed.
  • Consumable articles
  •  Money
  • Securities
  • Stamps
  • Stamp collection
  • Bullion
  • Livestock
  • Motor vehicles
  • Pedal cycles
  • Deeds
  • Bonds
  • Bills of exchangs
  • Promissory notes
  • Shares
  • Books
  • Manuscripts
  • Loose precious stones
  •  Jewellery and valuables

8.      Is there any time limit for the insured to notify claims to the insurance company?
According to the policy conditions, the insured should immediately notify any claim or event that may lead to a claim under the policy forthwith. However, the time limit prescribed is governed by the Indian Limitation Act in force from time to time.
9.      What is the coverage available for a series of claims arising out of same cause of neglect, error or omission?
Where a series of claims arises out of the same cause, they are added together and treated as one claim. However, there is no coverage for claims arising from one specific cause but are made later than 3 years after the first claim of the series
10. Are Short Period policies permitted under the Medical Establishment Professional Negligence policy?
Short period policies are not permitted under the Medical Establishment Professional Negligence policy. In case the policyholder desires cancellation, short period scale rates will be applicable.
11. What is the Jurisdiction applicable under the Professional Indemnity policy?
Jurisdiction applicable under the Professional Indemnity policy will be within Indian Courts.
12. For whom is Professional Indemnity Insurance Policy available?
The Professional Indemnity Insurance Policy is available for all doctors, medical establishments, contractors, engineers, architects, interior decorators, chartered accountants, financial accountants, management consultants, lawyers, advocates, solicitors and counsel.


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