Understand the insurance policy fully before signing up

The insurance industry has long been accused of making promises that it does not keep at the time of a claim. Customers are often under the impression that all eventualities are covered under their insurance only to discover at the time of claim that either the loss is not covered under the policy or that the cover is limited and does not recompense them to the full extent of the loss. With some understanding of the essential elements that go into the insurance contract, customers can avoid the commonly encountered pitfalls in dealing with insurers. Most issues arise due to inadequate understanding of the importance of information provided to the insurer at the time of proposing for insurance or a failure to comply with duties expected of the insured person following a loss. We hope that the following few pointers would help in enhancing the understanding on the..part of the insuring public and ensure that they get their just dues when claiming under the policy. For ease of understanding, this is classified according to the aspects that need to be taken care of during various stages of the contractual relationship.

At the time of purchasing / proposing for insurance

Complete disclosure of information pertinent to the subject matter of insurance (the thing insured).

Example – existing insurance policies in case of Health / Personal Accident, nature of construction of building, existence / absence of fire-fighting equipment, pre-existing health conditions in the case of health policy etc.

Previous Insurance History – Claims made, No Claim Discount in Motor policy, special discounts / conditions on previous policy etc.

Always purchase insurance for the realistic value of the asset – there is hardly any savings to be had through under declaration, but the consequences of such undervaluation can be quite significant at the time...part of the insuring public and ensure that they get their just dues when claiming under the policy. For ease of understanding, this is classified according to the aspects that need to be taken care of during various stages of the contractual relationship.

At the time of purchasing / proposing for insurance

Complete disclosure of information pertinent to the subject matter of insurance (the thing insured).

Example – existing insurance policies in case of Health / Personal Accident, nature of construction of building, existence / absence of fire-fighting equipment, pre-existing health conditions in the case of health policy etc.

Previous Insurance History – Claims made, No Claim Discount in Motor policy, special discounts / conditions on previous policy etc.

Always purchase insurance for the realistic value of the asset – there is hardly any savings to be had through under declaration, but the consequences of such undervaluation can be quite significant at the time...part of the insuring public and ensure that they get their just dues when claiming under the policy. For ease of understanding, this is classified according to the aspects that need to be taken care of during various stages of the contractual relationship.

At the time of purchasing / proposing for insurance

Complete disclosure of information pertinent to the subject matter of insurance (the thing insured).

Example – existing insurance policies in case of Health / Personal Accident, nature of construction of building, existence / absence of fire-fighting equipment, pre-existing health conditions in the case of health policy etc.

Previous Insurance History – Claims made, No Claim Discount in Motor policy, special discounts / conditions on previous policy etc.

Always purchase insurance for the realistic value of the asset – there is hardly any savings to be had through under declaration, but the consequences of such undervaluation can be quite significant at the time...part of the insuring public and ensure that they get their just dues when claiming under the policy. For ease of understanding, this is classified according to the aspects that need to be taken care of during various stages of the contractual relationship.

At the time of purchasing / proposing for insurance

Complete disclosure of information pertinent to the subject matter of insurance (the thing insured).

Example – existing insurance policies in case of Health / Personal Accident, nature of construction of building, existence / absence of fire-fighting equipment, pre-existing health conditions in the case of health policy etc.

Previous Insurance History – Claims made, No Claim Discount in Motor policy, special discounts / conditions on previous policy etc.

Always purchase insurance for the realistic value of the asset – there is hardly any savings to be had through under declaration, but the consequences of such undervaluation can be quite significant at the time...