1) What are the different types of Insurance Coverage?
Insurance policy is categorised into two
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26) What is General Insurance policy? What does it cover?
General Insurance is basically an insurance policy that protects you from losses and damages other than covered by life insurance. For example it covers
a) Personal property such as car or house
c) Liability Insurance – legal Liabilities
d) Property against natural calamities like flood, fire, earthquake etc.
f) Coverage on transport vehicles carrying goods like Cargo Ship
47) What is the difference between the ‘All perils’ and ‘Specified perils’ coverage in home insurance coverage?
In home insurance coverage, ‘All perils’ protects you from thewidest range of risks besides common risks while ‘Specified perils’ will give coverage only for the common risks, that is listed in your policy.
One bad decision can cost a company millions of dollars. In order to provide businesses with plans to minimize risks, a skilled actuary will:
In order to qualify for an entry-level job as a trainee, candidates must have a bachelor’s degree in actuarial science, business, or a related field. However, candidates should plan to pursue associate- or fellow-level certificates with the Casualty Actuarial Society or a similar organization if they wish to practice as a full professional.
In addition, candidates are required to complete continuing education requirements throughout the duration of their time as a professional actuary.
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21) What is the difference between the participating and non-participating policy?
Participating policy is a policy, where the profit or benefits of the insurance company is shared with the insured in theform of a dividend or reversionary bonuses. While, the non-participating policy, does not share their profit with insured.
30) What do you mean by term ‘cash value’?
‘Cash Value’ is the cash amount offered to the policy holder while cancelling the policy, where a portion of thepremium paid goes into saving plan. It is also referred as surrender value. This term is normally used for life Insurance contract.
35) What does it mean when company says “no physical exam”?
Such insurance company that says,“No physical exam” gives freedom to the policyholder to take policy and exempt the physical test that is mandatory by certain life insurance company. Normally, such insurance company is more expensive and the insured has to pay a higher premium on their policy.
24) Can an individual take two policies and claim for both of them?
Yes,an individual can take two policies and claim for both.
28) What do you mean by term ‘Double Indemnity’?
‘Double Indemnity’ is a provision provided by certain insurance companies, where according to their policy they are liable to pay double the face amount in case of death by accidental means or murder. This type of policy does not cover suicide, and death caused by gross negligence of the insured person. For example, a person who dies due to natural causes including heart disease or cancer, Murder or conspiracy by beneficiary, or death due to an injury from sheer negligence.
‘Subrogation’ is referred as the process of seeking reimbursement from the responsible party for a claim that they had already paid. For example, you have an accident where your car gets damaged,and you have car insurance, the insurance company will pay you the money. But the insurance company comes to know that the accident occur due to other party fault, now they will claim themoney from the other party this is known as ‘subrogation’.