Claim is not payable if location is shifted
Judgement Ahmedabad Ombudsman Centre Case No. 11/ 005 / 0045 Shri. M. S. A. Kajalwala Vs Oriental Insurance Company Ltd. Award Dated 6.12.2004 Complainant held a Fire Insurance…
The Experience rating method.
All large individual risk rating is a form of experience rating as they need to reflect the entity’s actual experience, or the features that may affect the…
The process of Individual risk rating method
Generally, individual rating is done for various reasons, such as the price charged to large risks are more accurate, or to encourage and motivate more risk…
How are the Rating Structure made in Underwriting of policies in general insurance?
All rates are based on various risk exposures that insurance may face. However the rate for use through a manual begins with the basic exposure unit, e.g. a residential house.…
Purposes of rate making in general insurance.
The purpose of rate making is to set the prices of insurance products in such a way that it provides sufficient income to pay for the projected…
THE ‘COMPLAINT-AS-GIFT’ STRATEGY THAT NEEDS TO BE ADOPTED IN OUR INDIAN INSURANCE OPERATIONS
INTRODUCTION: In this competitive insurance market in India, we need to become very much comfortable with the idea that a complaint is a gift that there is…
Global insured losses from catastrophes were USD 45 billion in 2013, Swiss Re sigma
Global insured losses from catastrophes were USD 45 billion in 2013,according to Swiss Re sigma. • Total economic losses from natural catastrophes and man-made disasters were USD 140 billion in…
Fraudulent practices on a spurt in life insurance
life insurance companies across the country are witnessing a sharp rise in cases of fraud and misrepresentation of facts with respect to selling of the product. Apart from this,…
Insurance sector worried over high attrition rate
Frontline staffs in the insurance sector are making a flight to the IT, ITes and retail sector hitting the private sector badly. Rajendra Ghag, Senior Executive…
Life insurers treat suicides as natural deaths for hassle free claims
To avoid hassle in settlement of claims life insurance companies in India consider suicides as natural deaths and not as accidental. "There is a conception that most suicides are…