Without A Clean Policy, You Might As Well Have No Policy

Category: Finance, Insurance.

Calamity can strike anyone at any time. This is where the loss is transferred to a third party who bears the brunt.

That is why individuals as well as corporations rely on insurance policies. There are two parties involved in this agreement, the insurer and the insurance company where the policy has been taken. An insurance policy could be for any of these purposes- - health, medical, life, vehicle or general insurance. Death, disability, accident, theft, vehicular accident, fires, are just some of the situations when an insurance policy can help. The duration is decided upon while signing the agreement. As a result purchasing insurance requires as much smartness as purchasing any other consumer product.

But insurance is a commercial product too. The policy needs to satisfy all the customer s needs and serve the purpose when the time comes. Financial strength of the policy issuer- The company you choose must have a sound credit standing in the market and should have the ability to cover all the clauses mentioned in the policy on time. Some of the points that one needs to keep in mind are as follows: What is being offered- You must analyze the various insurance companies that are available, go through their policies and choose the one that offers the products and services that match your needs, in terms of duration, risk coverage and time taken to reimburse payment. If not you will end up spending out of your pocket. Depending on the policy taken, the premium payable will vary.

The cost- Premium is an amount that the insurer pays to the insurance company at regular intervals during the year till the policy matures. So compare the options available based on age, term of the policy, the type of policy and the value of the same. Pay attention to details to protect yourself from misleading policies. If different companies are offering different features, then solely comparing premium amounts might be misleading. Reputation and License- One major factor that you must note is whether the company has a good reputation in the market. Naturally the insurance company should not be a sham.

You can gather this information by talking to friends or colleagues who have policies with the company. It should have all the regulatory approvals to operate as an insurance company. Without a clean policy, you might as well have no policy.

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