Role of Insurance in the development of economy
From very rudimentary beginnings, the concept of insurance has travelled a long distance as to become an effective engine for the development of economy. The present day economy, it is…
Insurance as a social security tool
Individual’s income is dependent upon the investment of his time. Over a period of time, he saves sufficiently to provide for the time, when he is too old to earn.…
The Necessity for Insurance
From cave age till date, the story of evolution of mankind is in fact a saga of continuous search for security. His problems have remained the same through the centuries…
What is Insurance?
The first preamble to the first English Marine Insurance Statute of 1601 observed that by means of insurance “it shall come to pass that loss lighteth lightly upon many rather…
Disease not known by insured cannot be treated as Pre Existing
If any disease is not diagnosed specifically it cannot be treated as Pre Existing Disease. Insurance Company ordered to pay the claim.Â
Insurance Claim time barred- Repudiated by Insurance Ombudsman
Insured cannot file an appeal for claim rejected by Insurer after the stipulated time period. In the instant case the complainant filed the appeal after 2 years. Appeal rejected by…
What is Insurance Underwriting
Underwriting the process of determining the level of risk presented by the proposer and deciding whether to accept the same and if so at what terms and at what price.
Condition of the Complainant did not warrant hospitalization : Insurance Claim Dismissed by Ombudsman
The condition of the Complainant at the time of admission in the Hospital was such as not to warrant hospitalisation. Repudiation of claim by Newindia upheld by Insurance Ombudsman, Ahmedabad
Glossary related to Insurance regulations in India
“Actuary” means an actuary possessing such qualifications as may be specified by the regulations made by the Authority “Authority” means the Insurance Regulatory and Development Authority established under sub-section (1) of section…
FAQ’S on ULIP’s
Unit linked guidelines were notified by IRDA on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these…