Insurance is a contract between two parties in which one party, the insurer, in return of a certain and agreed amount of money called the premium, assure the other party, the insured, to make good any financial loss under the contract. There are two types of insurance, namely Life Insurance and General Insurance. Life Insurance provides cover for human and human-related things whereas General Insurance provides cover for properties and liabilities other than Life Insurance. Prudential Insurance Company Limited is a General Insurance Company.
Underwriting is the process of evaluating the subject matters of insurance in terms of risk to determine whether to insure it. The process helps in deciding the appropriate premium for an insured.
Insurance coverage becomes effective immediately after the premium against the Risk is paid. The liability of the insurance company does not commence until the proposal has been accepted by the company and the premium is paid.
This insurance may be terminated at any time at the request of the insured, in which case the company will retain the premium calculated at the customary short period rate for the time the policy has been in force. This insurance may also at any time be terminated at the option of the company with 7 days prior notice.
A duplicate copy of the policy will be provided to the customer on a written request.
No, first of all, the renewal notice should be issued by the Insurance Company one month prior to the expiry of the period of insurance. The insured should submit a notice to renew the policy to the company for renewal before the expiry of the policy period.
When you met an accident you will have to inform the insurance company immediately for registering a claim and deputing a surveyor and/or an investigator. An immediate report to the police is also mandatory in case of a vehicle is stolen or when third party injury/death/property damage is involved. Delay in informing the Company and the police, if required, will prejudice your claim and the Company may deny the liability. Also, read the terms &conditions in the policy in this regard.
You need to mention your vehicle number, insurance policy number, date of the accident, time of the accident, place of accident and how does that accident accrued with your name, contact address and contact number in the claim intimation letter.
You can file a Claim at our corporate office or any of our Branches. However, the settlement of the claim will be done from the corporate office only.
After you report your claim to us, either we will send an insurance surveyor for inspection of loss or we will guide you for the process and documentation.
Surveyors are the person having specified qualification as prescribed by BeemaSamitiand having surveyor’s license from the BeemaSamiti. Surveyors are the independent bodies and not the staff of the company. Company will pay their survey bills as per the guidelines of Surveyors Association except marine claims. In case of marine claim, company will reimburse the surveyors fees to insured with claim assessment amount.
Normally, it will take 15 days to settle the claims after submission of complete documents including surveyors report which are asked by the company. Otherwise company will settle the claim within 35 days as prescribed by Insurance Act, 2049.
The compensation amount will be accessed by the insurance surveyors who are the license holder from the BeemaSamiti and it will be the as per the norms which has been approved from the BeemaSamiti but amount could be lesser than surveyors report if the company will found any lapses on the same.
Yes, you have the right to appeal to the BeemaSamiti, if you are not agreed on company’s decision.
The insurance policyholder should check the Policy Schedule for the confirmation of insured name, the policy period, property/person/liability insured, risks covered, premium, special exclusions and also terms &conditions, exclusions, warranties, limitations, etc. mentioned in the policy. The insurance policyholder should also check the premium calculation.