Q&A Session

The Objective of this QA Session to provide all possible answers to questions on all different types of insurance.

Answers might be different sometime due to one’s viewpoint or applicability under different laws of Country specific.

Only, the general explanation are presented here under from Industry view point.

Category	S.No.	Question	Answer
Home Insurance	1.	What is the Duration of Home Insurance Policy?	Any home Insurance Policy taken will be valid for maximum of 12 months only. However you have option to take less period policy, which will be issue on prorata basis.
Home Insurance	2.	If a person is having home insurance sold out his house and eventually home destroyed who will get insurance ?	Actually Home Insurance was done of House property and its Belongings, so once House was sold then the title of property/goods passed to new owner legally. In case of any Loss/damage to House or belongings then benefit will go to the actual owner of property at that time. So in this case the Insurance company will pay to new owner the claim amount after furnishing some legal formalities.
Home Insurance	3.	Will you get any amount refund after completion of Home Policy?	No as such policy for reimburse the amount back after completion of Insurance tenure of Property.
General	4.	How can I find out if my Insurance broker is registered with the IRDA or not ?	You can always cross check Broker name as registered Broker list available at IRDA website.This List is regularly update with addition or removal of Broker name due to any issue e.g. any new broker registered , fraudulent activity, Document or process non compliance etc.
Motor Insurance	5.	What is NAV in motor insurance?	In Motor Insurance NAV is used as synonym of IDV. NAV means "Net Asset Value" or IDV"Insured Declared Value". Basically it is the Sum Insured value for the Vehicle, on which the vehicle is insured. Every year this value is decreased by 5% to 50% as per the age of the vehicle, and accordingly insurance is taken on that value.
Motor Insurance	6.	What are the information details collected from the customer for motor insurance?	Personal details in case of individuals like, name, age, gender, address, contact no., email id, health declaration status, eating habits like smoking, drinking etc. Other details like any accident of vehicle in previous year etc.
	6.1	How much is your insurance company required to pay you if your car is damaged?	Insurance company liability in such cases limited upto value mentioned as Insured Declared Value(IDV) in the Insurance policy.
		What is 'Gap Insurance' ?	Gap insurance is an optional coverage, which covers the “gap” between what you owe and the value of totaled or stolen car. It is also known as as “loan/lease payoff.”
Fire Insurance	7.	Fire insurance and steps against to claim its policy value
	8.	Fire insurance for adhesive tapes
Fire Insurance	9.	What is green clause in fire insurance?	By Insertion of "Green Clause", the policy extends to cover additional costs necessarily and reasonably incurred rebuilding or repairing Buildings in a manner that aims to reduce potential harm to the environment by improving energy efficiency.
Health Insurance	10.	If ones have floater mediclaim policy for his family than it is recommended that you buy Corona Insurance Policy	Need not to buy, as per IRDA notification on 4th March 2020, all such COVID cases are well covered under existing corporate or Individual mediclaim policy. If anyone wants to buy additional Corona Insurance policy, then can opt for the same.
	10.a	What is "Peltzman effect" ?	The theory behind "Peltzman effect" says,when safety measures are became mandated then people'e perception of Risk decreases.
Health Insurance	11.	Free look period in Corona rakshak Policy	There is no Free look period, however there is 15 days waiting period in this policy.
Health Insurance	12.	Is there any health insurance policy available which covers OPD charges like doctor fees and medicine expenses in India?	These OPD charges can cover by opting for Riders in your Health insurance policy. For this contact to your Insurance company and they will let you guide the further process in this. Please note that it will cost you additionally in your policy premium.
	12.a	What are Pre and Post-hospitalization expenses in your health insurance policy?	Pre-Hospitalization expenses refer to the expenses incurred before the actual hospitalization period and post refer to expenses made after the discharge from the hospital. These pre-hospitalization expenses include consultation, tests or investigation to identify the cause for hospitalization. whereas post-hospitalization expenses refer to expenses required to be incurred due to hospitalization like discharge medicines follow up visits charges or physiotherapy charges etc.
Miscellaneous Insurance	13.	How to confirm whether the link received for payment of renewal premium of Bajaj Alliance General Insurance motor policy is proper or not?	To verify any link there are many options available on Internet. I personally suggest to go "Redirective .com" and enter the given URL or link received in this and clock search. It will show you on the same page the targeted source or webpage address where this link is directed.
Health Insurance	14.	Can Anyone reimburse a medical expense from company insurance after resignation from job? The medical expenses happened during notice period with that company?	Normally, Corporate Mediclaim policies are tailor made policies, so they can put condition for provide mediclaim coverage to their employees too. It totally depends on Organization policy of providing the Mediclaim coverage. Some organization cover the Hospitalization expenses till the last day of employee in the company and some have policy to cover excluding notice period.
Miscellaneous Insurance	15.	What is DIC or DIL Insurance Policy?	DIC(Difference in Conditions) Insurance policy is special type of Insurance coverage which provides extended coverage in Limits or in Exclusions. DIC Insurance is also known as DIL(Difference in Liability) Insurance policy. Both DIC and DIL term can be used interchangeably sometimes.
Miscellaneous Insurance	16.	What is Foreign DIC or DIL Insurance Policy?	Foreign DIC or DIL insurance policy refer to DIC insurance arrangement which is often taken by Multinational Organizations to cover Insurance requirement as per country specific.
Miscellaneous Insurance	17.	What is the duration of Runoff Insurance Policy?	There is no fixed term for Runoff Insurance policy. The reason is under this cover the Claims are made after months or years after the occurrence of loss or damage.
Miscellaneous Insurance	18.	What is IRIS Model?	IRIS Model is the Claims Management Approach of any Organization. It encompasses use of preset format for recording,storing and then processing of captured information for further use by interested parties of this information.
	18.A	What is 'Crypto Insurance' ?	Crypto Insurance or also known as Blockchain Insurance is the future of Insurance by its application in Insurance Industry and through its associated risk by adopting other Industry.
Motor Insurance	19.	What is NCB in Motor Insurance?	NCB is known as *"No Claim Bonus"*. This benefit given to Insured by insurance company for having NIL claims during the previous policy period.
Motor Insurance	20.	Is there any limit of claiming of NCB under Motor vehicle policy?	Yes, the NCB starts from 20% and progressively increases to 50%. It is given as a percentage discount in Own Damage (OD) Premium section of policy.
Motor Insurance	21.	Is there any affect on NCB in case of any Insurance claim under policy?	Yes, In case of claiming any claim under Vehicle policy. In such case the NCB for next policy period will become as 'zero', means no NCB discount will be given on OD section of policy premium.
Motor Insurance	22.	What is IMT Endorsements in Motor Insurance?	Any revision by way of addition or deletion under Motor Policy, is done by insertion of applicable IMT endorsements as per Motor Vehicle Act.
Motor Insurance	23.	How many IMT Endorsements are there under Motor Vehicles Act?	There are mainly 65 Endorsements under Motor Insurance.
Motor Insurance	24.	Can we retain NCB, in case of sell of Vehicle ?	Yes, one can retain and avail existing NCB benefit on any other vehicle in same class even in case of Sell of vehicle.