|Q - I have paid the premium online. How can I obtain the documents related to my insurance cover?
|A – If you have paid the total premium mentioned in our Renewal Notice in full, we will send your motor policy and the insurance card to the address mentioned in the policy documents by post.|
|Q – How can I contact you for any clarifications related to the renewal of my insurance policy and the payment that I have made using your website?||A - Please call our Motor Underwriting Department on 011 2030300 or 011 2030324 on any working day between 8.30 a.m. and 5.00 p.m. It is our privilege to attend to your queries.|
|Q – I made only a part payment using the Orient Payment Gateway to renew my motor policy. Will this make my insurance policy valid?
|A – Unless you make the full payment, we will not be able to renew your motor policy.|
|Q – I did not receive a confirmation stating that my payment by card has been processed. How can I have this confirmation?
|A – If you have any doubts, you need to contact your card merchant/bank immediately to clarify whether your card has been debited with the payment. If your merchant/bank confirms that your card has been debited, please contact our Finance Department on 011 2030300 or 011 2030394 during working hours and let us have the date of the transaction, insurance policy number, vehicle number and your name. You may also contact us on email: email@example.com|
An Insurance contract is a contract whereby an Insurer upon receipt of a premium agrees to indemnify the insured against unforeseen loss or damage which arises from the occurrence of a peril insured against. The indemnification is always subject to Insured and his agents or servants complying with various terms, conditions & warranties written in or incidental to the contract.
Gross Written Premium denotes the total amount of insurance business written by the insurer based on a monetary value. This amount includes the pure risk premium, the charges, expenses, cost of re-insurance and related expenses including the Insurers margin for profit.
General Insurance business constitutes all forms of insurances transacted by an insurer other than business transacted on contingencies dependent on human life with the exception of Personal Accident insurance. General insurance policies are mainly written against perils & risks associated with tangible & intangible properties & assets. However, any financial loss arising from the interruption of a business following an accidential physical loss may also be covered under General Insurance. In addition to Business Interruption Insurance, financial losses arising from third party claims could also be covered under General Insurance. Motor insurance, Property Insurance, Marine Insurance, Business Interruption, Title insurance, Personal Accident Insurance and the like forms an essential ingredient in the composition of General Insurance business.
The process undertaken by the Insurer in evaluating a risk and deciding whether or not to insure and the terms & conditions upon which the business should be undertaken is called underwriting in insurance.
Indemnity is the fundamental and a core principle of insurance providing for the payment of compensation against loss or damage suffered by a person having an insurable interest over a property, activities or the life of a person. Indemnity effectively restores the pre-accident position of a person with compensation
Reinstatement is a further development to the principle of indemnity which means that in return for an exchange of an additional premium the insured will stand to receive a payment which enable him to construct or buy a brand new building or equipment of a similar make or type or specification held and was destroyed by a peril insured under the policy. This cover is commonly called the ‘new for old cover’. Eg: a person who held a house containing 2000sqft. made with bricks, asbestos, cement & other standard construction with an age standing of 10yrs, will upon its loss get a similar and identical replacement without any deduction for depreciation, wear & tear.
Insurable Interest is the right to insure arising out of a financial relationship which exist between the Insured and the subject matter of insurance. A person who is likely to suffer a financial loss from the loss of any property to which he/she has a legal nexus, is said to be having an insurable interest against the subject matter of insurance. Eg: a person owning a property, a bank or an institution lending on the purchase or construction or otherwise as a security against a facility will have a insurable interest over the subject property.