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WHAT IS INSURANCE?
Insurance is a protection against financial loss arising from the occurrence of unexpected events or possible eventualities. It is an arrangement by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

WHY DO I NEED INSURANCE?
Insurance is protection against the occurrence of unforeseen incidents. Insurance products help in not only mitigating risks but also help by providing a financial cushion against adverse financial burdens. Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest possible point.

WHAT DOES GENERAL INSURANCE DO FOR ME?
Accidents, illness, fire and financial losses are the things most people worry about. General Insurance provides the much needed protection against unforeseen events that may impact the above. General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

HOW MUCH INSURANCE DO I NEED?
It is very important to have an adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding the Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.

WHAT CAN I GET COVERED UNDER INSURANCE?
Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged, can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, illness, dishonesty and also your liability towards others can be covered.

WHAT IS A PREMIUM?
A Premium is the fixed amount of a sum paid over a specified period by the insured to the insurance company to take out an insurance policy and to complete the contract of insurance.

WHY DO I NEED TO FILL OUT A PROPOSAL FORM FOR BUYING INSURANCE?
Insurance is a contract between the insured and the insurer. The proposal form is the basis of the contract and it contains all the required information for the preparation of the policy which is a contract document.

WHAT IS UNDERWRITING?
It is the consideration of material fact to asses risk and to take decisions about whether to accept a given risk for an insurance contract and if so at what rate of premium.

WHAT IS A DEDUCTIBLE?
The amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining an insurance company's liability.

WHAT IS REINSURANCE?
Reinsurance is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurers.


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