Insurance

A General Insurance Policy Should State Clearly The Following Facts.

According of IRDA regulations, 2002 (Protection of Policy holders interest), A general insurance policy should state clearly the following facts.

  1. The name(s) and Address (s) of the insured and of any bank(s) of any other person having financial interest in the subject matter of insurance.
  2. Full description of the property or interest insured.
  3. The location or locations of the property or interest insured under the policy and where suitable with respective insured values.
  4. Period of insurance
  5. Sums insured.
  6. Perils covered and not covered.
  7. Any franchise or deductible applicable.
  8. Premium payable and where the premium is provisional subject to adjustment, the basis of adjustment of premium is to be declared.
  9. Policy terms, conditions and warranties
  10. Action to be taken by the insured upon the occurrence of a contingency likely to give rise to a claim under the policy.
  11. The obligation of the insured in relation to the subject matter of insurance upon occurrence of an event giving rise to claim and the rights of the insurer in the circumstances.
  12. Any special conditions which are attaching to the policy.
  13. Provision for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured.
  14. The address of the insurer to which all communications in respect of the insurance contact is to be sent.
  15. The details of the riders attaching to the main policy.
  16. Performa of any communication the insurer may seek from the policy holders to service the policy
  17. Every insurer is required to inform and keep informed periodically the insured on the requirements to be fulfilled by the insured regarding lodging of a claim arising in terms of the policy and the procedures to be followed by him to enable the insure to settle a claim early.
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