1. What is insurance?
Insurance is a contract between two parties in which one party, the insurer, in return of certain and agreed amount of money called the premium, assure the other party, the insured,to make good any financial loss under the contract. There are two types of insurance, namely Life Insurance and General Insurance. Life Insurance provides cover for human and human related things whereas General Insurance provides cover for properties and liabilities other than Life Insurance. Prudential Insurance Company Limited is a General Insurance Company.
2. Why Insurance?
a. It provides financial support
b. Provide safety and security
c. It promotes business efficiency
d. Helps in financial stability.
e. Plays a vital role in minimization of loss.
f. It provides funds for investment.
g. It increases employment opportunities in the society.
3. What do I need to be careful about when buying insurance?
a. Fixing of Present Sum Insured
b. Selecting Proper period of Insurance
c. Selecting Risk as per the nature of property
d. Giving proper description of the property to be insured
e. Submitting required document to Insurance Company
f. In case of claim, inform immediately to Insurance Company verbally and written and / or electronic media
4. What does underwriting Mean?
Underwriting is the process of evaluating the subject matters of insurance in terms of risk to determine whether to insure it. The process helps in deciding the appropriate premium for an insured.
5. When does coverage become effective?
Insurance coverage become effective immediately after the premium against the Risk is paid. The liability of insurance company does not commence until the proposal has been accepted by the company and premium is paid.
6. What are the cancellation rules and procedures?
This insurance may be terminated at any time at the request of the insured, in which case the company will retain the premium calculated at the customary short period rate for the time the policy has been in force. This insurance may also at any time be terminated at the option of the company with 7 days prior notice.
7. Will if I lost the policy document?
A duplicate copy of policy will be provided to customer on a written request.
8. Does the company automatically renew Policies?
No, first of all, the renewal Notice should be issued by Insurance Company one month prior to expiry of period of insurance. The insured should submit a notice to renew the policy to the company for renewal before expiry of policy period.
9. What to do after accident occurred?
When you met an accident you will have to inform insurance company immediately for registering a claim and deputing a surveyor and/or an investigator. An immediate report to the police is also mandatory in case of vehicle is stolen or when third party injury/death/property damage is involved. Delay in informing the Company and the police, if required, will prejudice your claim and the Company may deny the liability. Also read the terms &conditions in the policy in this regards.
10.What information do I need to report my claim?
You need to mention your vehicle number, insurance policy number, date of accident, time of accident, place of accident and how does that accident accrued with your name, contact address and contact number in the claim intimation letter.
11. Where can I file a claim?
You can file a Claim at our corporate office or any our Branches. However, the settlement of the claim will be done from corporate office only.
12. What happens after I report my claim?
After you report your claim to us, either we will send insurance surveyor for inspection of loss or we will guide you for the process and documentation.
13. Who are insurance surveyors and who will pay their fee?
Surveyors are the person having specified qualification as prescribed by BeemaSamitiand having surveyor’s license from the BeemaSamiti. Surveyors are the independent bodies and not the staff of the company. Company will pay their survey bills as per the guidelines of Surveyors Association except marine claims. In case of marine claim, company will reimburse the surveyors fees to insured with claim assessment amount.
14. How long it will take to have compensation after accident? How long will it take to settle my claim?
Normally, it will take 15 days to settlethe claims after submission of complete documents including surveyors report which are asked by the company. Otherwise company will settle the claim within 35 days as prescribed by Insurance Act, 2049.
15. What will be the rate or compensation amount which we will receive from insurance company if accident accrued?
Compensation amount will be accessed by the insurance surveyors who are the license holder from the BeemaSamiti and it will be the as per the norms which has been approved from the BeemaSamiti but amount could be lesser than surveyors report if the company will found any lapses on the same.
16. Do I have the right to appeal the Company’s decision about my claim?
Yes, you have the right to appeal to the BeemaSamiti, if you are not agreed on company’s decision.
17. What are the duties of insurance policy holder?
The insurance policy holder should check the Policy Schedule for the confirmation of insured name, policy period, property/person/liability insured, risks covered, premium, special exclusions and also terms &conditions, exclusions, warranties, limitations etc. mentioned in the policy. The insurance policy holder should also check the premium calculation.