- What is insurance:
Insurance means of a protection from financial loss. Means anything which is covering the losses by pay some Money and Thing financially not emotionally.
- How many types of Insurance
a) General or Non-life Insurance
b) Life Insurance
- What is the mean of ‘Insurer’ and ‘Insured’?
Insured is the one who holds the policy and Insurer is the company that covers the insured.
- What is a premium’?
An amount to be paid for a contract of insurance to the insurance company. It is the sum that a person pays monthly, quarterly or annually according to their plans, and takes the coverage for the same.
Discuss for Motor Insurance.
- What is Motor Insurance?
All vehicle which are running on the roads as per the Motor Act is insuring in Motor insurance.
- Type of Policies in Motor Insurance?
- Package or Comprehensive
- Liability or Third Party
- What is the different in Package and Liability policies?
In Package policy Insured vehicle and Third party accidental both are covered while in liability policy is covering only third party accidental insurance.
- What is the MFG Date?
This date is belongs to “When your vehicle built completely”. Basically it is in format of MM/YYYY.
- What is Invoice Date?
A date on which we are taking the new vehicle delivery from dealer.
- What is Registration date??
A date on which, Our vehicle is registering by Concern RTO
- Vehicle Make and Model?
Vehicle and Model is related to name of our vehicle which is also mentioned on our vehicle RC with the variant.
- Difference btw RSD and MFG date??
Maximum difference is allowed by some insurers is 15 months.
- What is No Claim Bonus??
In continuous policy if you are not taking any claim on the same policy then insurance company is give a discount on next renewal which is called No Claim Bonus (NCB)
- What is claim?
We can take a benefit of our paid money (Premium), that process is known as claim.
- How NCB is work?
Insured is eligible as per the tariff NCB slab as per the vehicle age. If claim is occurred on the same vehicle then NCB will start from “0”.
|All Types of Vehicles||% of Discount on OD* premium|
|No claims have been made or are pending at the end of the year or at the time of policy renewal||20%|
|No claims have been made or are pending at the end of the year or at the time of policy renewal||25%|
|No claims have been made or are pending at the end of the year or at the time of policy renewal||35%|
|No claims have been made or are pending at the end of the year or at the time of policy renewal||45%|
|No claims have been made or are pending at the end of the year or at the time of policy renewal||50%|
*OD= Own Damage
- Which title is use for Insured?
IF vehicle is name of Individual then Mr. for Man and Mrs. For Woman. If vehicle is name on corporate or any company, institution name then we will use M/S.
- What is registration type?
Registration type means your vehicle is registered on which name it can be an individual or name on any corporate or any institution or firm name.
- What is a nominee and Beneficiary and why it is compulsory??
Nominee is a person who is eligible of insurance benefit if any misshapen will be done by insured. And it is required to assign for the benefits.
- Who can be a nominee?
Mainly nominee should be belongs to our blood relations. And age should be above and equal 18 years. If it is below 18 years then appointee name is mandatory.
- What is the mean of hypothecation or financiers??
If insured has taken a loan on his insured vehicle then hypothecation details should be mandatory. It is also mentioned on vehicle RC
- What is IDV or Sum Assured?
IDV (Insured declared value) is the price of vehicle which is decided by insured and insurer both mutual understandings.
- What is Add on?
Add on are some extra benefit covers which is providing the extra benefit on the behalf of extra premium pay.
- Zero Depreciation
- Quick Assistance of Road or Road side assitance
- Engine and Electronic Circuit Cover
- Loss of Personal Belongings
- Key Replacement
- Daily Cash Allowance
- No Claim Bonus
- If you are not getting the policy after making the payment then what you do?
a) This issue is coming due to not return on the thank you load page.
b) Cause of the not any confirmation is given by your bank to payment gateway or late response.
c) Slow Internet connection speed.
In this case you can check the policy in brief case and if you are not getting the same then you can connect on email@example.com and call on 1800-2666-3666 or chat option.
- Payment failure or not getting the policy then what details is required?
If you are not getting the policy then provide the below mentioned data:
- Transaction ID
- Amount Paid:
- Policy Issuance Date
- Customer Phone Number
- Insured Name
- Vehicle Number
- Why IDV will change after some time?
The same is happening due to the network speed. If your connection speed is low then we are showing the quote as per our selection of IDV ( -10 to 15%) and provide the quote. If your internet connectivity is good then you will get the quote with same IDV always.
- Why we are taking the Adhar No.?
In our Web service of POS Portal insurer is asking as a mandatory field. It is under discussion with all of them.
- All insurer quotes are not showing on the portal?
Portal is designed by all underwriting guideline of all insurers. It is totally online process so we can’t discuss individually cases by case with underwriter. So some insurer are declined some vehicle/RTO/Places. So all insurer are not showing the quotes.
Some time internet connectivity and server down of insurer may the same issue.
- Who is not giving the corporate policy?
Reliance, IFFCO, TATA
- Special characters issues?
Special characters are not allowed in any box. Some insurers are not allowing the same.
- Why POS Name and Adhar no., Mobile no. are printed on the schedule?
It is mandatory by IRDA as per the compliance
- Why Break in risk date is future date?
In case of break in insurers are taking the risk from T+1 to T+3 risk start date due to stop fraud claim happened in past.