Category: Insurance Interview question

Generally, every insurance company provides a grace period of 10-15 days to the insurance policyholders if they fail to pay the premium before the due date. However, if the policyholders don’t pay the premium even in the grace period, their policy will lapse. After that duration, if the policyholders want to revive their policy, they…

If you are an insurance policyholder, then you can follow the steps given below to claim an insurance policy:

It depends on the situation. If you are an insurance policyholder and it is not long after you have bought the policy, you can replace the policy with another policy if you see better returns. But if you have purchased that policy long ago and already paid many premiums, then it is not advisable as…

The term “Loss Payee” specifies a party, an institution, or a person that receives the insurance payment in the case of the loss of a vehicle or property they own. In the event of a loss, the payment is made under the policy concerning the insured, and it would go to the third party rather…

The paid value is an amount when the insurance policyholder stops paying the premiums after a specific duration but does not withdraw the amount. The policyholder gets the amount at the end of the term. In this case, the insurance company provides an assured amount but is reduced proportionally according to the time when the…

The term Surrender Value specifies an amount the policyholder will get from the life insurance company if they decide to exit the policy before maturity. Eventually, it is a loss for the policyholders because they don’t fulfill the insurance company’s criteria. Some other names of surrender value are surrender cash value or, in the case…

Following is the list of the most common types of Insurance:

Co-insurance specifies a policy usually offered by health insurance companies. In this policy, the policyholder has to share the coverage with the insurance policy in a percentage of the policy value after paying the deductible or co-payment. Usually, it is an 80% and 20% split where the policyholder has to pay 20% while the insurance…

Travel insurance is one of the most important things you should buy if you travel with your family, especially abroad. It is important while traveling abroad because it covers several risks. For example, medical risks, travel risks, and also flight disruptions. The following list specifies the main reasons to buy travel insurance: Travel insurance covers…

In Insurance, the term “Annuity” specifies a policy issued by the insurance company to promise the policyholder a fixed income for the lifetime. It is a fixed amount of money that the policyholder gets each year for the rest of their life. According to this contract between the policyholder and the insurance company, the insurance…