General Insurance Questions
Insurance is a financial protection arrangement. You pay a premium to an insurance company, and the insurer provides coverage against specific risks listed in the policy. Every policy includes conditions, limits and exclusions, so the policy wording should be read carefully.
Unexpected events can create a major financial burden. Insurance can help reduce the impact of hospitalisation, accidents, death, theft or property damage, depending on the coverage selected.
Life insurance covers risks connected with a person's life. General insurance includes non-life categories such as health, motor, travel, home and personal accident insurance. The exact scope depends on the product.
A premium is the amount charged by the insurer for providing coverage. It may be paid once or at scheduled intervals, depending on the policy.
Sum insured commonly refers to the maximum coverage available under general insurance, while sum assured commonly refers to the stated benefit under life insurance. How the amount is paid remains subject to the policy terms.
A deductible is the portion of an admissible claim that you must bear before the insurer pays the remaining eligible amount. Compulsory and voluntary deductibles may apply.