AUTHORIZED AGENT

General Insurance

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What a consumer should think about before buying insurance?


"When filling in proposal forms, you must disclose all material facts within your knowledge"

  What is insurance?
  When you buy an insurance policy by paying a premium to an insurance company, you enter into a contract with the company, and the
  company undertakes to pay you a fixed sum of money on the happening of an event.


  What are the types of insurance?
  There are many types of insurance to protect you from all kinds of risks but the two most common types are life insurance and motor
  insurance.


  What is a third party policy / comprehensive policy?
  These policies refer to motor insurance only.

  Third Party Policy - If you drive a car and knock into B's car, under third-party insurance, your insurance company will be liable to pay
  for B's death / injuries and damages to B's car only.

  Comprehensive Policy - If the same thing happens and you have a comprehensive policy, you are covered for B's death / injuries and
  damages to his car and also damages to your own car.

  What is a cover note?
  When you pay your first premium, the agent issues a cover note as a temporary protection while the company decides whether to cancel
   or accept your proposal. It expires either after the expiry date on the note itself or when your proposal is rejected or when the company
  issues the policy.


  What should I do when considering buying a policy?
  Always read and understand all the terms and conditions of the policy.

  Do not be pressured into taking a policy by the insurance agents. Only do so if you know what the policy is about and if you need it.
  However, you must under the law have motor insurance.

  Once you have such a policy, you must be punctual in the payments of your premiums. If you take too many policies, the company may be
  suspicious and may cancel your policy.

  What do I do when I meet with an accident?
  Inform your insurance company in writing within 24 hours of any loss or damage. When there is a police case against you and you are
  summoned to court, do not plead guilty but inform your insurance company about this at once.

  If not, the company may not be liable to indemnify you when there is a claim against you for damages to the other person's vehicle.

  Points to ponder
  Do you have a motor / life insurance policy?
  Have you read the terms and conditions of the policy?
  Did you know that you are bound by the numerous terms and conditions?