General insurance- FAQs

FAQs on General Insurance

What is Personal Accident Insurance?
To what extent of damage should my policy cover?
What are the parameters that would determine the premium under personal accident?
Can medical expenses also be covered?
Under what conditions claim is not payable?
What is Personal Accident Insurance?
This policy covers the insured against Accidental bodily injury caused by external, violent and visible means.The insured is also covered if, within twelve months, this injury leads to death or permanent disablement.
To what extent of damage should my policy cover?
Your policy can cover the following types of disablement:
· Permanent Total Disablement- e.g.total irrecoverable loss of sight in both eyes,total paralysis of the body etc.
· Permanent Partial disablement- e.g.total irrecoverable loss of toe or finger.
· Temporary total disablement- e.g.which may be for days,weeks or even months.
What are the parameters that would determine the premium under personal accident?
The premium is based on the nature of occupation and each insurer has their own classification:
· In case of public sector general insurance companies lassification is as follows:
1. Normal risk - all persons not engaged in hazardous occupations such as working in mines, electrical installations,circus personnel,mountaineers etc.
2. Heavy Risk: those who are engaged in hazardous occupations such as working in mines, electrical installations,circus personnel,mountaineers etc.
Can medical expenses also be covered?
This policy can be extended to include expenses incurred, due to the accident - while some companies ask for additional premium, some insurers offer it as a part of the standard policy.
Under what conditions claim is not payable?
Each company specifies exclusions under which claims are not payable. However some of the exclusions are:
· Intentional self injury,suicide,or attempted suicide
· While under the influence of intoxicating liquors or drugs
· Child birth or pregnancy or in consequence thereof
· Breach of law or criminal intent etc
· Travelling in an aircraft other than as a fare paying passenger. E.g. flying an aircraft, motor rallies, war, and civil war.
Injuries as a result of war or warlike operations etc
What is mediclaim?
When is the claim payable under Mediclaim?
Does Mediclaim cover treatment in hospital only?
Can my whole family be covered under a single Mediclaim policy?
To whom is the claim paid if nominee is dead?
What is mediclaim?
Mediclaim Insurance is a hospitalisation benefit policy offered by public sector general insruance companies. The policy takes care of medical expenses following Hospitalisaton/Domiciliary Hospitalisation of the insured in respect of the following situations:
· in case of sudden illness,
· in case of an accident
· in case of any surgery which is required in respect of any disease which has arisen during the policy period.
When is the claim payable under Mediclaim?
The claim is payable, when treatment is from a registered hospital or nursing home.However, in case of non registered hospital or nursing home the treatment can be covered under the policy subject to hospital/nursing home conforming to the following guidelines:
· The hospital/nursing home should have 15 inpatient beds
· It should have qualified nursing staff round the clock
· Qualified doctors round the clock
· Fully equipped operation theatre
Does Mediclaim cover treatment in hospital only?
Though the main purpose of the policy is to provide reimbursement in respect of treatment taken in the hospital/nursing home, the policy also provides reimbursement in respect of domiciliary hospitalisation. However for a claim to be processed under domiciliary hospitalisation the following conditions should be satisfied:
· Medical treatment should be for more than 3 days.
· The treatment should be such for an illness/disease/injury which in the normal course would require treatment and care in the hospital/nursing home but actually taken whilst confined at home due to any of the following circumstances:
1. Condition of the patient is such that he/she cannot be moved to the hospital/nursing home or
2. The patient cannot be moved to hospital/nursing home for lack of accomodation there in.
Can my whole family be covered under a single Mediclaim policy?
Yes. In fact a family package discount of 10% is also available.
To whom is the claim paid if nominee is dead?
The insurance company will insist upon a succession certificate from a court of law for disbursing the claim amount. In the alternative the insurers can deposit the claim amount in the court for disbursement to next legal heirs of the deceased.
What is motor insurance?
What are the different types of motor insurance coverage?
What is Comprehensive insurance?
What is a no claims bonus and how does it operate?
What is the claim procedure in case of a vehicle purchased under a hire purchase scheme?
Under what conditions is a claim not honoured?
Suppose I lend my car to my friend, is he covered under my automobile insurance Policy?
What is motor insurance?
Insurance of Motor vehicles is compulsory under the State of India and Insurance Coverage which is the minimum requirement as prescribed by the Motor Vehicles Act 1988 is known as "Act" insurance.
'Act' insurance indemnifies the insured against liability arising out of accidents by his vehicle causing damage to the public property and this is known as 'Statutory Liability'.The personal injury cover under the 'Act' Insurance gives unlimited liability cover to third parties.
What are the different types of motor insurance coverage?
A vehicle owner primarily has five options:'Act' Cover, Comprehensive cover, Fire and Act cover, Theft and Act cover and the Fire,Theft and Act cover.
Act or third party insurance covers you against the damage you may cause to any third party person or their property. Any third party is the one which is not connected with you in any way.
What is Comprehensive insurance?
Comprehensive Insurance covers loss or damage to a vehicle due to 'own damage' apart from the third party insurance.Loss or damage to a vehicle is included in the 'Own damage' form of insurance when the contingency is caused by the following perils:
· accidental external means
· fire, explosion, self-ignition, lightning, burglary, house breaking or theft or by malicous acts.
· transit by road, rail, inland waterway, air, lift or elevator.
· act of terrorism
· riot and strike, earthquakes, flood & storm.
· landslide & rockslide.
But the own damage does not include
· Wear and tear and depreciation
· Mechanical or electrical breakdowns,failures or breakages
· Theft of accessories if the vehicle itself is not stolen and
· Consequential loss
In this section, additional protection on payment of extra premium is available against:
· extra fittings like tape recorders,air-conditioners,fans etc.,
· personal accident benefits of passengers.
· wider Legal Liability under Common Law for employees engaged in operation of vehicles such as paid driver and cleaner as also six coolies/bonafide employees carried in/on good trucks.
What is a no claims bonus and how does it operate?
If you are a good client and have not made any claims on a policy,then the insurance company would like to reward you for being careful by giving you what is called a 'No Claims bonus'.This is given by subsidising your future premium payments.One more bigger advantage is that if you have a policy eligible for a noclaims bonus and you are buying a new or a more expensive car,then the same old policy can be transferred,with all the benefits you have gained.Since the no claims bonus is usually a percentage of your premium, and if you buy a car which attracts a very high premium,your efforts can translate into substantial savings.
This is how a no claims bonus works:
If you have not made any claims in the previous policy year(year1),then you get a 20% discount on the premiums in the next policy year(year2).If you are lucky enough to stay away from claims another year(year2), you get a 30% discount on the premium in the third year.If your lucky time continues ,then in the fourth year you are eligible for 65%.For two wheelers No Claims Bonus ranges from 20-55%.
What is the claim procedure in case of a vehicle purchased under a hire purchase scheme?
Technically hire purchase company is the owner of the vehicle, while the registered owner is the hirer. By an endorsement made on the policy any money payable under the policy(except the repairers bill) will be paid only to the financiers and their discharge is final. However in practice the financiers interest is limited to his financial committment to the vehicle and he will receive the entire claim amount as a trustee only. Naturally the financiers will have to refund balance if any after adjusting his outstanding amount to the hirer.
Under what conditions is a claim not honoured?
A claim is not honoured under the following circumstances:
· Driving without an effective and valid license,
· Loss or damage by nuclear or allied perils,
· Use outside geographical area ie India,
· Person driving is under influence of liquor or drugs,
· war and allied perils,
· Carrying of persons or goods more than the permitted capacity by R.T.O.
· Wear and tear: consequential loss, depreciation, wear and tear, mechanical or electrical breakdowns failure or breakages.

Suppose I lend my car to my friend, is he covered under my automobile insurance policy?
Yes, provided he holds a valid licence to drive.
What is the fair market value of property?
Do I have to insure the total value of my home?
What kind of off-premises protection does public sector general insruance companies' householder's insurance provide?
I work from home. Is my computer and other equipment covered by public sector general insruance companies' householder's insurance?
How can I get discount under package policies?
What is the fair market value of property?
A fair market value is the present day replacement value less deductions towards depreciation.
Do I have to insure the total value of my home?
Plinth and foundations cannot be covered under a standard fire and special perils policy as anything under earth goes to the state.(except in case of earth quake losses when value of these items can be included)
What kind of off-premises protection does public sector general insruance companies' householder's insurance provide?
The contents of the premises removed to alternate premises on account of a fire accident is covered for a period of three months under the policy.
I work from home. Is my computer and other equipment covered by public sector general insruance companies' householder's insurance?
A separate electronic equipment policy may be purchased.
How can I get discount under package policies?
You can get discounts on your package policies by opting for more number of sections. But discount is not given in case of non-tariff covers.
What is liability insurance?
Who should necessarily take Liability Insurance?
Does my liability insurance cover work that I do on a voluntary basis?
What is joint and several liability?
What is liability insurance?
A liability may arise by violation of any statute. A person may be liable to another as a result of loss or damage sustained by him on account of the wrong done to him. When the quantum of liability is to be decided only by a court of law such liability would be legal liability.
Who should necessarily take Liability Insurance?
Consumer disputes act brought into its ambit the deficiency of services rendered by professionals in particular. Though anyone is liable at law for wrong done to another, professionals who render services for reward are more prone to legal liabilities.
Does my liability insurance cover work that I do on a voluntary basis?
Yes, the liability policy covers damages arising out of negligence whether such services are rendered voluntarily or otherwise.
What is joint and several liability?
An award can be passed jointly and severally when that particular person or all the persons connected therewith will be discharged of their liabilities when the award is satisfied.





What is the Householders' package policy about ?
The Householders' package policy is a policy which offers covers that are suitable for a household. Instead of taking different policies the client can opt for multiple sections or covers of his choice under one policy.
How many sections are there under the Householders' package policy ?
There are ten sections under the Householders' package policy:
Section I
Fire & Allied Perils
Section II
Burglary & Housebreaking including larceny or theft (Contents only)
Section III
All Risks
Section IV
Plate Glass
Section V
Breakdown of domestic appliances
Section VI
Television sets & VCR / VCP/ VCD
Section VII
Pedal cycle
Section VIII
Baggage
Section IX
Personal Accident
Section X
Public Liability Risks and Workmen's Compensation Risks

Are all the sections compulsory under the Householders' package policy ?
Only section I B (fire) for contents is compulsory. In addition, two more sections need to be covered under the Householders' package policy.
Is there any discount available under the Householders' package policy ?
If a client selects more than four sections, a discount of 15 percent is available. If he selects more than six sections, a discount of 20 percent is available on the non-tariff sections.
What are the tariff and non-tariff sections under the Householders' Package policy ?
Under the Householders' Package policy - Fire, public liability, workmen's compensation are tariff sections while the rest are non-tariff sections.
Is there any limit of amount of insurance cover which can be taken under the Householders' Package policy ? There is NO limit on the amount of cover that can be availed of under the Householders' Package policy.
Under the Householders' Package policy, can a single amount be taken for all the contents of the household ?
A single amount can be taken for all the contents only if the value of any single item exceeds 5 percent of the amount of insurance and the same is to be declared separately otherwise the value of that item will be considered of a maximum of 5 percent.
Under the Householders' Package policy, can jewellery be listed with the rest of the contents of the household ?
Under the Householders' Package policy, jewellery should be listed individually along with the values.
Can jewellery lying in bank vaults be covered under the Householders' Package policy ?
Under the Householders' Package policy, the client has the option to cover such jewellery also.
What is term period for the Householders' Package policy ?
The Householders' Package policy can be issued for a maximum period of one year.
Travel Insurance FAQs
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.
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 on the following basis:
Travel Overseas - All 24 hours during the covered trip up to 60 days only
Travel Within India - Travels by commercial plane as a ticketed passenger by train / licensed coach / taxi including private taxi, outstation use of company car and while as a pedestrian but excluding two wheelers or the public road transport system.
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/-
Who can opt for 'Suhana Safar Policy'?
All domestic travelers can opt for this policy. It covers the risk of accident to the policyholder, spouse and dependent children and loss of baggage during the period of his outstation travel within India.
What is the extent of liability under Suhana Safar Policy ?Maximum liability available for personal accident is Rs.1,00,000 per person and liability for loss of baggage is limited to Rs.15,000/- where the number of people covered is 4.
What is the period of insurance under Suhana Safar Policy ?
The coverage available under this package is for a single round trip to all the declared places (including places enroute) up to the scheduled date of return. The policy cover is available for trips up to 60 days only. However the policy can be extended to cover further 60 days on payment of additional premium.
What is the difference between the Suhana Safar Policy, the Executive Travel Policy and Overseas Mediclaim Policy ?
Suhana Safar Policy
Executive Travel Policy
Overseas Mediclaim Policy
This policy is specially designed to cover domestic traveler including baggage.
This policy is designed to cover Indian Nationals traveling abroad.
This policy is devised to cover people travelling abroad for business, pleasure, study and for employment.
Period of insurance is 60 days. It can be extended to further 60 days on payment of additional premium.
Period of insurance is 60 days.
Period of insurance is 180 days for business and pleasure travel and for employment and study purpose, the policy is issued on annual basis.

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.
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.
What 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.
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 and cannot be claimed.
Consumable articles
Money
Securities
Stamps
Stamp collection
Bullion
Livestock
Motor vehicles
Pedal cycle
Deeds
Bonds
Bills of exchange
Promissory notes
Shares
Books
Manuscripts
Loose precious stones
Jewellery and valuables

What are the exceptions for cover towards Plate Glass under the Householder's Insurance policy?
Under Section 4 of the Householder's Insurance policy, the exceptions for cover of Plate Glass are
Breakage during removal
Alterations and/or repairs
Breakage of lettering
Frames and frameworks
Disfiguring or scratching for damage of glass other than fracture extending through the entire thickness of glass.
What is the Rate of Premium Payable for Plate Glass under the Householder's Insurance policy?
Under Section 4 of the Householder's Insurance policy, the Premium Payable for Plate Glass is calculated at 10 percent of the Actual Value of the Plate Glass.
What is the Rate of Premium Payable for Television sets and VCRs under the Householder's Insurance policy?
Under Section 6 of the Householder's Insurance policy, the Premium Payable for Television sets and VCRs is calculated at 10.05 percent of the Market value.
What are the perils against which Television sets and VCRs are insured under the Householder's Insurance policy?
Under Section 6 of the Householder's Insurance policy, Television sets and VCRs are insured against the loss and/or damage that might arise from
Fire and allied perils
Burglary
Housebreaking or theft
Accidental external means and
Mechanical or domestic breakdown
The admissible legal liability for damage to the insured's own surrounding property due to collapse of antenna is limited to Rs.25000/-
What is the Rate of Premium Payable for Bicycles under the Householder's Insurance policy?
Under Section 7 of the Householder's Insurance policy, the Premium Payable for Bicycles is calculated at 20.05 percent of the Actual cost.
What are the exceptions for cover towards Bicycles under the Householder's Insurance policy?
Under Section 7 of the Householder's Insurance policy, the exception for cover of Bicycles arises if and when the bicycle is not securely locked when left attended and subjected to loss through theft or damage.
What is the Rate of Premium Payable for Accompanied Baggage under the Householder's Insurance policy?
Under Section 8 of the Householder's Insurance policy, the Premium Payable for Accompanied Baggage is calculated at 7.5 percent of the Actual cost
What are the exceptions for cover towards Accompanied Baggage under the Householder's Insurance policy?
Under Section 8 of the Householder's Insurance policy, the exception for cover of Accompanied Baggage arises if and when the loss arises within the Municipal limits of area where the insured resides permanently.
The other exceptions are
Cracking, scratching or breakage
Loss caused by moths or mildew, worming
Any process of cleaning, dyeing, repairing or restoring and
Theft from unattended cars
What are the perils against which Accompanied Baggage is insured under the Householder's Insurance policy?
Under Section 8 of the Householder's Insurance policy, Accompanied Baggage is insured against the loss and/or damage that might arise during an accident or misfortune whilst the Insured is traveling in India.
Are their any deductibles in the Professional Indemnity Insurance for Doctors and Medical Practitioners?
Contrary to the profess ional indemnity insurance for Medical Establishments, no deduction towards Excess under the Policy is made from claims arising out of errors, omissions or negligence of the doctors and medical practitioners.
What is the Jurisdiction applicable in Professional Indemnity policies?
The Jurisdiction applicable in Professional Indemnity policies will be within Indian Courts only.
What is the period of cover under Professional Indemnity policies?For Professional Indemnity policies, the period of cover is always one year. No policies for shorter or longer periods can be issued.
What procedure should the Insured follow on receipt of a Notice of Claim from an injured party?
The Insured should immediately notify the insurance company in writing and forward copies of writs, summons or notices along with all other relevant documents to them. No admission, offer, promise or payment should be made by the Insured without the written consent of the insurance company.
The insurance company reserves the right to take over and conduct legal proceedings in the name of the Insured. Normally they become joint respondents to the case along with the insured.
All amounts expended by the company in such proceedings constitute defence costs and form part of the claim payable under the policy subject to the limit of indemnity mentioned as Sum Insured in the policy.
However, in cases where the insurance company feels that the insured has breached any of the conditions of the policy, it may relinquish the defence of the insured. In such cases, the Insured has to defend the case on his own, while the insurance company produces its own defenses.
If the Court passes an Award against the insured and it is established that there was no breach of the terms and conditions of the policy, the insurance company not only satisfies the Court Award but also pays the expenses of the insured, reasonably incurred as legal costs and fees, subject to the limit of Sum Insured in the policy.
Will an insurance company admit a liability regarding Professional Indemnity insurance after the policy has expired?
Yes, the insurance company is liable, in terms of the Extended Claim Reporting Clause attached to the Policy. According to this Clause, the insurance company will allow a time limit not exceeding 90 days from the expiry of the policy, for reporting of claims by the insured, provided the claim has arisen out of an accident during the currency of the policy.
A doctor takes a policy for Rs.1 lakh for the period 1.1.2000 to 31.12.2000. He does not renew the policy for a further period. Arising out of a Caesarian operation conducted on 1.6.2000 on a lady, a claim arises and is notified to the doctor on 31.10.2000.
The doctor intimates the claim to the insurance company, for reasons beyond his control, on 15.1.2000, i.e., after the policy has expired and no insurance is in force.
What are the common allegations made against doctors and medical establishments?
Professional Indemnity Insurance claims against doctors and medical establishments are generally arising out of allegations of improper diagnosis, improper tests, lack of informed consent, improper administration of anesthetics and drugs and surgical errors.
Improper diagnosis arises if a physician fails to bring to a diagnosis the proper degree of skill or care. However, a mistake in diagnosis caused by an error in judgement is not actionable if the physician has used the proper degree of skill and care.
In other words, liability is not imposed on a physician for making an error in judgement, except when the error results form a failure to comply with a recognised standard of medical care that is exercised by prudent physicians in the same specialty under similar circumstances.
Physicians have a duty to employ the proper tests and evaluation to determine the condition of a patient about to undergo a proposed treatment or operation.
Whether the failure to make such tests or examinations constitutes a lack of due and reasonable care and skill depends on whether the standards of skill and care require such a test or an examination in a particular case.
Lack of informed consent arises from the failure to disclose in advance the known, significant risks of a particular procedure or treatment. Surgeons normally take an undertaking from a patient of a Caesarian operation, indicating the risks thereof.
However, this does not make him immune to liabilities arising out of errors and negligence conducted during the operation. Further, physicians and surgeons are not expected to disclose every conceivable risk, because excessive disclosure might do patients more harm than good.
In most cases involving the question of negligence, physicians have been held liable for injuries to patients resulting from the administration of the wrong drug or medicine.
Related causes of action include the failure to properly sterilise instruments, drugs or operative fields; breaking hypodermic needles; the use of harmful drugs instead of the proper ones; the improper use of spinal injections; and the death or injury of a patient under excessive or improper anaesthesia.
Surgical errors arise when a surgeon who performs an operation and has the duty to exercise the reasonable care, skill and diligence that prudent surgeons in similar situations usually exercise, fails to do so.
For example failure to remove instruments, surgical sponges, or other foreign substances from the patient’s body before closing the incision, has been held to be negligence on the part of the operating surgeon.
Other common allegations might be based on the following:
A surgeon’s failure to continue care after the patient leaves the operating room
Negligent treatment of an organ donor or acceptor in connection with organ transplant
Improper treatment of fractures or dislocations caused by the improper application of a cast or a splint or other treatment;
Transfusions of the wrong type of blood or blood contaminated with serum hepatitis or the human immune deficiency virus (HIV) and
Improper implantations or insertion of a prosthetic device
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.
Notification Extension Clause
Should the Insured notify the Company during the policy period in accordance with General Condition No. 10.1 of any specific event or circumstance which the Company accepts may give rise to a claim or claims which form the subject of indemnity by this policy, then the acceptance of such notification means that the Company will deal with such claim or claims as if they had first been made against the insured during the policy period.
The extension under the Clause will be subject to the maximum limit laid down under the Indian Limitation Act in force from time to time.
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.
Claim Series Clause
For the purpose of this policy, where a series of losses and/or bodily injuries and/or deaths are attributable directly or indirectly to the same cause or error or omission relating to discharge of professional services, all such losses and/or bodily injuries and/or death claims shall be added together and all such losses and/or bodily injuries and/or death shall be treated as one claim and such claim shall be deemed to have been made at the point in time when the first of the claims was made in writing.
There shall, however, be no coverage for claims made arising from one specific cause which are made later than 3 years after the first claim of the series.
What is scope of cover under the Doctor's Protection Shield policy?
The Doctor's Protection Shield policy covers building, office contents, tenant's liability, money, fixed glass and sanitary-ware, fidelity guarantee, electronic equipment, cost of reinstatement of data and programme, portable computer, additional expenses, personal accident, breakdown of office appliances, baggage, liability, professional liability, accident on duty cover and Mediclaim.
How Medical Establishment shall be rated under the Doctor’s Protection Shield policy?
When a diagnostic centre is classified as a medical establishment as per the parameters laid down in the market agreement, the same shall be rated as medical establishment under the Doctor’s Protection Shield policy.
What is the scope of cover under the Medical Establishment Professional Negligence policy?
The Medical Establishment Professional Negligence policy is designed for hospitals, nursing homes, diagnostic centres, pathological laboratories, etc to cover any act committed by the professional or qualified assistants named in the policy engaged by the medical establishment which gives rise to third party legal liability.
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.
What is the Jurisdiction applicable under the Professional Indemnity policy?
Jurisdiction applicable under the Professional Indemnity policy will be within Indian Courts.
What are the special benefits under the Professional Indemnity policy for doctors and medical practitioners?
The special benefits under the Professional Indemnity policy for doctors and medical practitioners are
Retroactive Benefits
This means that the policyholder will be covered for any professional act or omission occurring during the period of insurance provided the policy is renewed without interruption and is in force at the time of claim. Any claims arising out of act or omission of policyholder have to be made in writing during the policy period.
For the purpose of this benefit, policy period means the period commencing from the date and hour mentioned in the policy and expiring at midnight on the expiry date mentioned in the policy.
Notification Extension Clause
This clause states that if the policyholder notifies any event or circumstance as a claim during the period of policy and if insurance company accepts it, then the company will deal with the claim.
Extended Claim Reporting Clause
This clause allows the policyholder a time limit up to 90 days from cancellation or non-renewal of policy to notify claims which had taken place during the period of insurance. And the only condition is that another policy does not exist.
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.
Which liabilities can be covered under Director's and Officer's Liability Insurance?
Under Director's and Officer's Liability Insurance, all directors and officers can avail of cover against legal liability to the third party for a Wrongful Act which may arise due to actual or alleged breach of duty, breach of trust, negligent, error, omission, misstatement, misleading statement, breach of warranty of authority.
Can ex-directors be covered under Director's and Officer's Liability?
Director's and Officer's Liability Insurance can be used to cover ex-directors and can also be extended to cover non-executive Directors, spouses of Directors and Officers, their estates, heirs, legal representatives in case of being deceased

General Insurances FAQ
What factors should I consider when I insure my home? What is the difference between "actual cash value" and "replacement cost"?What are the advantages to using an agent to purchase insurance? What is a deductible?Why do I have a deductible? What are my responsibilities to the Insurance Company if I do if I have a fire at my home?Should I report all automobile accidents to the Insurer? When is a car ‘written off’ by an Insurer?Why should I purchase commercial vehicle insurance? What exactly does the term "bodily injury" in a liability insurance policy mean?How does an umbrella insurance policy work?
What factors should I consider when I insure my home? Firstly determine the amount and type of insurance that you need. The sum insured or coverage limit of the property should equal 100% of its replacement cost. If the policy limit is less than 85% of the replacement cost of your home, any payment from the insurance company will be less than the full cost to replace your home – This is known as ‘Under Insurance’. Over and above the basic Fire Insurance, decide which, if any, additional coverage you want to add to your policy. For example, do you want personal possessions or household contents covered against theft or burglary, cover against the risk of civil commotion here in Bali or, separately issued, earthquake and volcanic eruption coverage. Once you have decided on the coverage you want in your insurance policy, consult us. We will be able to help you determine if there are any gaps in coverage you might not have been aware of, we can also explain the details of the policy's exclusions and limitations as well as recommend an insurance company that will live up to your expectations. What is the difference between "actual cash value" and "replacement cost"? Covered losses under a personal possessions or household contents policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property. Under the "replacement cost" coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices. What are the advantages to using an agent to purchase insurance?By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and can prove absolutely necessary when filing a claim. As a local, independent agent we are able to deliver quality insurance with competitive pricing and local personalized service. What is a deductible?A deductible is the cash value amount of damages that you agree you will be responsible for if you have a claim. Most insurance policies have a deductible which states that a portion of the amount paid for the loss will be subtracted from the amount the insurance company would otherwise pay. This amount is not paid to the insurance company, it simply becomes your share of the loss and is deducted from the payment. Why do I have a deductible? Deductibles serve several functions. Shifting the cost of small claims to the person buying the insurance (insured) enables the insurance company to reduce premiums. Adjusting claims for small amounts often costs more than the dollar amount of the claim. The cost of insurance would be much higher if there were no deductibles. The higher the deductible, the lower the premium. What are my responsibilities to the Insurance Company if I do if I have a fire at my home?
There are 4 simple rules to followTake all reasonable steps to protect the property from further damage Make immediate reasonable and necessary repairs to protect the property from further loss Keep an accurate record of any repair expenses Give notice to your insurer or agent as soon as practicable. Should I report all automobile accidents to the Insurer?Yes you should. Even if the accident appears minor, it is important that you let your insurance company know about the incident. If you have an accident but don‘t report it to your insurer, you are taking a risk, even if the damage seems minor. If the other driver sues you weeks or months later, your failure to report the accident might cause your insurer to refuse to honor the policy. And even if they do honor the policy, the delay will certainly make it harder for the insurer to gather evidence to represent you. When is a car ‘written off’ by an Insurer?It’s up to your insurer to decide whether to pay for repairing your car or to declare it a total loss and pay you its book value. Most standard auto policies will not pay to repair a vehicle if the repairs cost more than the cash value assigned to the car. In practice,there will be little dispute about whether to repair the car if the damage is above 75% of the book value of the car. You may argue about what the pieces of the car were worth when they were assembled as a car. But, for you to get a settlement higher than the Auto Industry Guide value of your car’s make and model, you will have to submit evidence such as mileage records, service history and affidavits from mechanics to show that your car was worth more. You’re entitled to the market price of the car you just lost. You shouldn’t get more or less than what you are due. Why should I purchase commercial vehicle insurance?
Many personal auto insurance policies exclude coverage if a vehicle is used mainly for business. A commercial policy provides coverage for vehicles owned by a business if these vehicles are in an accident. The insurance pays to repair or replace the vehicle and the vehicle of the third party damaged by the employee. It may also pay for the medical expenses of those injured in an accident. What exactly does the term "bodily injury" in a liability insurance policy mean?This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period. How does an umbrella insurance policy work?
A policy designed to provide protection against catastrophic losses, the umbrella insurance policy is generally written over various primary liability policies, such as a general liability insurance policy, business auto policy and employers' liability coverage. Once the underlying limits of these primary policies are exhausted, the umbrella liability policy would provide further coverage beyond the limits of those policies.
Commercial Property Insurance
Premium Rates will vary between Insurance companies and will be dependant on a number of factors, most particularly in commercial terms the use or occupation of the property. Also taken into consideration for rating terms are the property location, the standard of construction and the materials used in construction.
A choice of cover is available:
Standard Fire Policy: The basic coverage against loss that occurs as a result of Fire or Fire caused by Lightning, an explosion (e.g. gas canister or water boiler), impact of falling aircraft (or parts thereof) and smoke damage.
Fire and Perils: The basic coverage above plus extended Perils or disasters including; Windstorm and Tempest, Flood and Water damage, Typhoon, Riots, Strikes and Malicious Damage (Vandalism) Civil Commotion.
All Risks: The above plus accidental self damage to the property (e.g. part of the building collapses on itself). Also includes cover for Theft and Burglary of the household contents.
Earthquake and Volcanic Eruption: Issued as a separate policy to each of the above.
Business Interruption
Business interruption insurance is intended to compensate the insured for the income lost during the period of restoration or the time necessary to repair or restore the physical damage to a covered property. The offer of cover is conditional upon the Insured holding property insurance with the same Insurer and the cause of the interruption must be due to a covered cause of loss.
The cover provided is intended to return to the insured's business the amount of profit it would have earned had there been no interruption of the business.
Analysis of lost profits must be based on sufficiently similar business operations and comparable markets, for example in Bali, tourist seasonal trends would be taken into account if the Insured property was a hotel.
In order to recover lost profits, there must be an ongoing business with an established sales record and proven ability to realize profits at the established rate. Proof of actual profits for a reasonable time prior to the breach is required to establish lost profits.
Motor Vehicle Fleet
Whether you have just one vehicle or a whole fleet, insuring your four or six wheel investment makes smart business sense. This policy not only protects you against the loss of or damage to the vehicle, but third party liability as well.
Motor Vehicle Insurance in Indonesia is offered in two types, Comprehensive and TLO (Total Loss Only). The first one covers all Risks of loss or damage to your vehicles (e.g. accidents, malicious damage, Riots and so on) while the second one is for loss or damage greater than 75%. Deductibles and Co-Insurance will apply but may be raised or lowered to suit your company’s requirements.
Comprehensive General Liability
This Insurance policy provides for cases where you or your company employees have negligently caused bodily injury or material damage to another person or their property.
Financial compensation, which is usually the result of a legal decision against your company, can be an unexpected burden. This insurance covers the financial compensation you would have to pay if you, or your staff, accidentally and without intention cause damage to another person. The sum insured also includes legal fees should these arise. Coverage can be either within Indonesia or Worldwide.
Professional Indemnity Insurance
This is a specialist insurance aimed at professionals and organizations such as Computer Consultants, Web Designers, Accountants, Estate Agents, Architects and Insurance Consultants. It provides indemnity cover in the event of a client suffering a loss, either material, financial or physical which is directly attributed to errors and omissions or negligent advice given to them by the professional concerned. Cover includes an amount for legal defense costs as well as any damages made against you up to the limit of indemnity or Sum assured.
FAQs
What is the logic of insurance?
What is the difference between Agent & a Broker?
What are the pre-requisites for becoming Insurance Broker?
What are Insurance Brokerage houses?
What is reinsurance?
What is Underwriting?

What is the logic of insurance?
It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected.
What is the difference between Agent & a Broker?
Agent is the representative of Insurance Company whereas broker is the representative of the consumer or policy holder. An agent is licensed to work for only one company, whereas a broker can deal with more than one company.
What are the pre-requisites for becoming Insurance Broker?
IRDA would shortly be releasing the gazette for intermediaries like agents, brokers, surveyors, etc. The same will be available on the web site for your down loading on availability.
What are Insurance Brokerage houses?
Worldover insurance brokerage houses are large, sometimes even larger than the insurance companies themselves. They provide reinsurance to insurance companies. In many markets, brokers provide non-life insurance as well as group life and group mortgage insurance.
In countries like Japan, the broker is not empowered to conclude contracts, accept representations, and to receive insurance premiums. In such cases minimum capital requirements and solvency margins are not needed.
In general an insurance broker would provide the following services:
· Pre sales and after sales service to the customers.
· Provisions of relevant information to the underwriters to assess the risk and decide the premium.
· Design covers that meet the client requirements.
· Recommend risk improvement and loss minimisation measures
· Provide risk management and insurance education
· Collection of Premiums
What is reinsurance?
The very fundamental principle of spreading of the risk is actually practised by the insurance companies by reinsuring the risks that they have insured. Simply speaking, it is insurance of insurers.
What is Underwriting?
Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.
Glossary

Age limits
Stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew policies.
Annuity
It is a scheme whereunder certain amount is paid at yearly/half yearly/quarterly/monthly intervals.
Annuity Plans
These plans provide for a "pension" (or a mix of a lumpsum amount and a pension) to be paid to the policyholder or his spouse. In the event of death of both of them during the policy period, a lumpsum amount is provided for the next of kin.
Annuitant
Annuitant is the person who receives certain amounts at yearly/half yearly/quarterly/monthly intervals.
Assignment
Assignment means legal transference. A method by which the policyholder can pass on his interest to another person. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be of two types1.Conditional assignment 2. Absolute Assignment
Adverse Selection
The tendency of persons who present a poorer-that-average risk to apply for, or continue, insurance to a greater extent than do persons with average or better-than-average expectations of loss.
AIDS
Acquired immune deficiency syndrome.
Assignee
Assignee is the person to whom the benefits under a life policy are assigned.
Assignor
Assignor is the person who holds the right/title under the policy and who can make a valid assignment.
Beneficiary
The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured. (life)
Bonus
Bonus is the amount added to the basic sum assured under a with-profit life insurance policy.
Binding Receipt
A receipt given for a premium payment accompanying the application for insurance. If the policy is approved, this binds the company to make the policy effective from the date of the receipt.
Branch Office System
Type of life insurance marketing system under which branch offices are established in various areas, Salaried branch managers, who are employees of the company, are responsible for hiring and training new agents.
Claim Amount
It is the amount payable by the insurer under a policy on a claim arising
Dating Back
Dating Back or Back Dating is an option to the life assured to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However back dating is limited to one year.
Double/Triple Cover Plans
These offer to the beneficiaries double/triple the sum assured on death of life assured during the term of the policy. On survival to the date of maturity, the basic sum assured is paid to the assured. These are low-premium plans, most useful for situations such as housing.
Days of Grace
Policyholders are expected to pay premium on due dates. A period is 15-30 days is allowed as grace to make payment of premium; such period is days of grace.
Death Benefit
A payment made to a beneficiary upon the death of the insured person.
Declining
The insurer's refusal to insure an individual after Careful evaluation of the application for insurance and any other risk factors.
Deferred Annuity
An annuity plan where the first annuity payment becomes payable after a chosen period that exceeds one year.
Deferment date
It is the date on which the deferment period ends.
Deferment period
Deferment period is the period from the date of commencement of the policy to the date of commencement of risk on the child's life under a Children's Deferred Endowment Assurance policy.
Deferred Group Annuity
A type of group annuity providing for the purchase each year of a paid-up deferred annuity for each member of the group, the total amount received by the member at retirement being the sum of these deferred annuities.
Defined Benefit Plan
A pension plan stating either (1) the benefits to be received by employees after retirement or (2) the method of determining such benefits. The employer's contributions under such a plan are actuarially determined.
Defined contribution Plan
A plan under which the contribution rate is fixed and benefits to be received by employees after retirement depend to some extent upon the contributions and their earnings.
Deposit Administration Group Annuity
A type of group annuity providing for the accumulation of contributions in an undivided fund out of which annuities are purchased as the individual members of the group retire.
Deposit Premium
The premium deposit paid by a policyholder when an application is made for an insurance policy and is applied toward the actual premium when asked to pay.
Deposit Term Insurance
A form of term insurance, not really involving a "deposit," in which the first-year premium is more than subsequent premiums.
Endowment Policy
The insured amount is payable either at the end of specified number of years or upon the death of the insured person, whichever is earlier. The assured has to pay an annual premium which is determined on the basis of the assured's age at entry and the term of the policy.
EPDB
Extended Permanent Disability Benefit
Female lives
Category I: Women with income earned by
· virtue of their employment in any reputed organisation or institution eligible for Non Medical Special Schemes.
· Professions such as Medicine, Law, Charted Accountancy etc. and lady career agents of LIC.
CategoryII:Women with unearned income attracting payment on income tax or women holding sizeable personal properties/investments yielding income attracting assesment for income tax.
First Class Life
An Individual is categorised as First Class Life if is eligible to have insurance coverage at normal rates of premium.
First Unpaid Premium(FUP)
First unpaid premium refers to the first default in paying premium by the policy holder. On payment of the due premium a receipt is issued and this receipt indicates the date of next due. If this due premium is not paid that date becomes the date of FUP.
Franchise insurance
A form of insurance in which individual policies are issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premium and remit them to the insurer.
Grace Period
A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
Graded commission Scale
A commission scale providing for payment of high first-year commission and lower renewal commissions.
Guaranteed Insurance Sum(GIS)
Guaranteed Insurance Sum is equal to purchase price paid for a pension along with final Jeevan Akshay Bonus.
Gross Premium
The premium paid by the policyholder.
Gross Rate
The sum of the pure premium and a loading element.
Group Contract
A contract of insurance made with an employer or other entity that covers a group of persons identified as individuals by reference to their relationship to the entity.
Group Insurance
Insurance written on a number of people under a single policy, issued to their employer with which they are working.
Gross Insurance Value Element(GIVE)
Gross Insurance value element is the amount payable on death of a policy holder under a Jeevan Dhara Policy.
Guaranteed Addition
Guaranteed additions are calculated at a rate per every thousand of sum assured. They are added to the basic sum assured and are payable on admittance of claim. This benefit is allowed only for each year for which premiums are paid.
Insurable Interest
A condition in which the person applying for insurance and the person who is to receive the policy benefit will suffer an emotional or financial loss, if any untouched event occurs. Without insurable interest, an insurance contract is invalid.
Insurability
Insurability refers to all conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.
Insured
The person whose life is covered by a policy of insurance.
Immediate Annuity
An annuity providing for payment to being immediately.
Lapsed Policy
A policy which has terminated and is no longer in force due to non-payment of the premium due.
Loyalty Additions
The loyalty addition is given upon the maturity of the policy, and not before. It's a small percentage of the sum assured. Broadly speaking, loyalty addition is the difference between the performance, of the insurance company and the guaranteed additions.
Maturity
The date upon which the face amount of a life insurance policy, if not previously invoked due to the contingency covered (death), is paid to the policyholder.
Maturity Claim
The Payment to the policyholder at the end of the stipulated term of the policy is called maturity claim.
Misrepresentation
Act of making, issuing, circulating or causing to be issued or circulated an estimate, an illustration, a circular or a statement of any kind that does not represent the correct policy terms, dividends or share of surplus or the name or title for any policy or class of policies that does not in fact reflect its true nature.
Moral Hazard
Moral Hazard refers to increase in probability of loss that results from dishonesty in the character of the insured person. Thus it is the dishonest tendencies on the part of the insured person that may induce that person to attempt to defraud the insurance company.
Nomination
An act by which the policyholders authorises another person to receive the policy moneyies. The person so authorised is called Nominee.
Life Assured
LIfe Assured refers to the person whose life is being insured.
Last Birth Day(l.b.d)
Age at last Birthday
Lien
In some cases extra risk is expected to decrease over a period of time. In such cases proposal is considered and accepted with lien. Lien operates through out the period, on a decreasing basis.In the event of death during the lein period full sum assured is not payable.
Eg: If 25% decreasing lein is imposed for 5 years.It is understood that in first year risk cover(sum assured payable) is only upto 75%,second year-80%, third year-85%,fourth year 90%,fifth year 95%, and from sixth year onwards lien is not operative.
Loyalty Additions
Under certain life policies loyalty additions are given as an additional benefit to the policy holder. The rate of addition depends on the LIC's performance and is allowed only if the policy is in full force.
Moral Hazard
Moral Hazard is said to exist in the case where we notice the absence of a genuine need for a life insurance or when a proposal for insurance is submitted by an individual beyond his means.
Near Birth Day(n.b.d)
Age on nearest birthday
Nominee
Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.
Non-Standard Life
Any individual, who cannot be granted a policy under normal rates of premiums but can be granted with an extra premium over normal rates of premium, is considered as a Non-Standard Life.
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Premium
The payment, or one of the regular periodic payments, that a policy holder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).
Premium Back Term Insurance Plans
These provide for refund of all the premiums paid, in the event of the life assured surviving to the end of the policy term. The total sum assured is paid to the beneficiaries in the event death occurs during the policy term.
Paid-up Insurance
Insurance on which all required premiums have been paid.
Paramedical Examination
Physical examination of an applicant by a trained person other than a physician.
Policy
Is the legal document that has the conditions of the insurance contract?
Policy Period
The period during which a Policy contract affords insurance.
Policy year
Period between a Policies anniversary dates.
Policyholder's funds
Monies set aside by insurers to cover outstanding liabilities to Policyholders. Also known as technical reserves.
Policyholder's surplus
Amount over and above liabilities available for an insurer to meet future obligations to its policyholders.
Policyholder's surplus ratio
The difference between an insurers' asset and its liabilities divided by its liabilities. One measure of an insurers financial strength.
Premium Notice
Notice of a premium due, sent out by the company or one of its agencies to an insured. Synonym for " Renewal Notice".
Premium Waiver Benefit(PWB)
Premium waiver benefits are the benefits which can be availed under children's policies, wherein the future premiums payable upto vesting date are waived in the event of death of the proposer before the vesting date.
Paidup Value
Paidup value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums after paying the full premiums for the first three years.
PDB
Permanent Disability Benefit
Premium
Premium is the amount paid to secure an insurance policy.
Proposal Form
It is a form which is to be completed for securing an insurance policy.
Proposer
Proposer is a person who proposes the insurance policy.
Premium Waiver Benefit(PWB)
Premium waiver benefits are the benefits which can be availed under children's policies, wherein the future premiums payable upto vesting date are waived in the event of death of the proposer.
Proposal Form
It is a form which is to be completed for securing an insurance policy
Reinstatement
The restoration of a lapsed policy to in-force status. Reinstatement can only occur after the expiration of the grace period. The company may require evidence of insurability (and, if health status has changed, deny reinstatement), and will always require payment of the total amount of past due premium.
Risk
The obligation assumed by the insurer when it issues a policy. The spreading of risk across a broad base of the population, adjusted for statistical probability, and the protection against catastrophic loss, is the entire purpose of insurance. For risk assumption purposes, death is viewed as a contingency. That is, although death is certain, its timing is unknown. The process of evaluating and selecting risk is known as underwriting.
Rider
A provision attached to a policy that adds benefits not found in the original policy or that changes the original policy.
Rebating
Giving a consideration, usually all or part of the commission, to the prospect or insured as an inducement to by or renew. Rebating is prohibited by law.
Reduced Paid-up Insurance
A form of insurance available as a non forfeithure option. It provides for continuation of the original insurance plan, but for a reduced amount.
Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.
Sum Assured
Sum assured is the amount that an insurer agrees to pay on the occurance of an event.
Surrender Value
Surrender value is the amount payable to the policy holder on his surrendering his right under a policy and terminating the contract of insurance.
Target Pension
Target pension is the amount of pension which one wishes to receive under a pension policy.
Term
Term is the period for which insurance coverage is given.
Salary Saving Scheme
This scheme provides for payment of premiums by money deduction from the salary of the employees by one employer.
Sub Standard Risk
Person who is considered an under-average or impaired insurance risk because of physical condition, family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits.
Survival benefit
The payment of sum assured to the insured person which has become due by installments under a money back policy.
Suicide Clause
Limitation in life insurance policies to the effect that no death benefits will be paid if the insured commits suicide during a specified initial period, usually the first one year of the policy.
Settlement Options
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid.
Term Insurance Rider
An endorsement or attachment to a life insurance policy that provides additional term coverage for only a specified, limited period. If the insured dies during this time, the designated beneficiary(ies) can receive death benefit proceeds.
Term Life Insurance
A form of life insurance which provides coverage for a specified period of time and does not build cash value.
Term
Term is the period for which insurance coverage is given.
Underwriting
The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.
Unearned Premium
The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run.
Unenforceable Contract
The contract, though a valid one cannot be enforced in a court of law because of lack of some evidential features.
Uninsurable Risk
That which is not acceptable for insurance due to excessive risk.
Vesting Bonus
It is the Bonus, which the insurer declares after evaluating its assets and liabilities, and that is added to the sum assured under a policy.
Vesting Date
This is the date from which the life assured ie., child becomes the absolute owner of the policy.
Void Contract
A contract obtained by fraud is a void contract. It is not a contract at all. Under this there cannot be any action as no rights or obligations are cast on the parties to the contract.
Voidable Contract
A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract. Obviously in such an event the insurer would be the aggrieved party and has the option to repudiate liability.
Waiting Period
It is the period starting from date of commencement of a policy to the date of commencement of risk under a Jeevan Kishore Policy.