Category: Insurance Interview question

In the context of insurance, the deductible is a decided amount that a policyholder has to pay from his pocket before the insurance company starts paying to the policyholder. In other words, we can say that an insurance company is liable to pay the claim amount only when it exceeds the deductible. Reasons behind adding…

As the name suggests, the “Loss Payee” is a person or the bank that receives the insurance payment after losing the property or vehicle that the insurance policyholder owns. According to the laws, it is a clause in the insurance policy. It is used to cover the investment of other parties or banks from where…

Following is a list of the different types of benefits or coverage normally provided under a personal accident policy:

A declaration page is an official document or copy that contains all the information of the policyholder like name, address, vehicle information, type of coverage, and loss payee information. It is updated when you make changes during your policy term. For example, if you add a new endorsement, your insurance provider company updates the declaration…

You should keep the following things in your mind while buying an insurance policy:

As the name suggests, a “no-claim bonus” or NCB is a benefit or a reward for the insurance policyholders who have not claimed insurance during the preceding year of coverage. Advantages of no-claim bonus The biggest advantages of a no-claim bonus are as follows:

In an insurance policy, the “contestable period” is usually a time of 1 or 2 years. The insurance company holds all the right to investigate the policy and the policyholders and decide whether to pay or not to pay the insured within this period.

The terms “Insured” and “Insurer” are used in the Insurance industry. Here, the insured is the person or organization that holds the policy, and the term Insurer specifies the company that covers the insured and pays the compensation.

The “revocable beneficiary” is a designation in which the policyholder has all the rights to change the beneficiary name without the consent of the named beneficiary. On the other hand, the “irrevocable beneficiary” is a designation in which the policyholder must ask for the beneficiary’s consent before changing the beneficiary’s name. In this condition, the…

The term “Beneficiary” is used for that person who gets nominated for the insured amount if the policyholder dies.