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  1. What is Insurable Interest?
  2. What is Policy?
  3. What is a Claim?
  4. What is Indemnity?
  5. What is Risk Management?
  6. What is Underwriting?
  7. What is Reinsurance?
  8. What are Personal Lines?
  9. What is General Liability Insurance?
  10. What is Employers Liability Insurance?
  11. What is Casualty Insurance?
  12. What is a Deductible?
  13. What is Insured's Net Retained Loss?
  14. What is Aggregate Limit?
  15. What is Term Life Insurance?
  16. What is Accidental Death Benefit?
  17. What is Pre-Existing Condition?


Answers

 
Q1. What is Insurable Interest?

A1. Insurable Interest is the interest in property such that loss or destruction of the property could cause a financial loss. Insurance interest also exists where an omission or negligence or an accident at one's place that brings about suffering or damage to a third party that can be assessed in monetary terms. There cannot be insurance without an insurable interest.



Q2. What is Policy?

A2. Policy is a written contract effecting insurance. A certificate issued by an insurance company has the same contractual effect and significance as a policy. All clauses, riders, endorsements, and the proposal form signed by the insured form part of a policy.



Q3. What is a Claim?

A3. Claim is a demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy. Orient Insurance provides fair and quick settlement of insurance claims.



Q4. What is Indemnity

A4. Indemnity is the basic purpose of insurance. It is the restoration to the victim of a loss by payment, repair or replacement in accordance with the terms and conditions of the policy purchased by the insured.



Q5. What is Risk Management?

A5. Risk Management is the Management of the pure risks to which a company might be subject. It involves analysing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance. Orient Insurance provides Risk Management Services to its customers.



Q6. What is Underwriting?

A6. Underwriting is the process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify. Underwriter is an individual trained in evaluating risks and determining rates and coverages for them. All the underwriters of Orient Insurance are professionally qualified, majority of them are Chartered Insurers of the Chartered Insurance Institute, London.



Q7. What is Reinsurance?

A7. Reinsurance is an insurance that an insurance company buys for its own protection. The risk of loss is spread so a disproportionately large loss under a single policy doesn't fall on one company. Reinsurance enables an insurance company to expand its capacity; stabilize its underwriting results; finance its expanding volume; secure catastrophe protection against Acts of God. Orient Insurance has a robust panel of reinsurers led by Swiss Re, the world's leading reinsurer.



Q8. What are Personal Lines?

A8. Personal Lines are insurance for individuals and families, such as private-passenger motor and homeowners insurance.



Q9. What is General Liability Insurance?

A9. General Liability Insurance is designed to protect business owners and operators from a wide variety of liability exposures. Exposures could include liability arising from accidents resulting from the insured's premises or operations, products sold by the insured, operations completed by the insured, and contractual liability.



Q10. What is Employers Liability Insurance?

A10. Employers Liability Insurance is the coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workmen's compensation law. Workmen's Compensation Insurance seeks to cover the employer against his liability towards his employees for any accident or specified illnesses incurred during the course of employment. Orient Insurance can offer both these insurances as a single package to provide comprehensive coverage to the employer.



Q11. What is Casualty Insurance?

A11. Casualty Insurance is the type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others. It also includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler, machinery and construction insurance and Aviation insurance. Orient Insurance also writes bond insurance under this class of insurance.



Q12. What is a Deductible?

A12. Deductible is the amount of loss that the insured pays before the insurance kicks in.



Q13. What is Insured's Net Retained Loss?

A13. Insured's Net Retained Loss is also a deductible but this does not form part of the limit of liability. This is often used in liability insurance.



Q14. What is Aggregate Limit?

A14. Aggregate Limit usually refers to liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents might occur.



Q15. What is Term Life Insurance?

A15. Term Life Insurance - Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy does not build up any of the investment values associated with whole life policies.


Q16. What is Accidental Death Benefit?

A16. Accidental Death Benefit - In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. Accidental Benefits can also be extended to cover non-death benefits such as total or partial disability either permanent or temporary. There can be certain exclusions as well as time and age limits.



Q17. What is Pre-Existing Condition?

A17. Pre-Existing Condition is a coverage limitation included in a medical insurance policy which states that certain physical or mental conditions, either previously diagnosed or which would normally be expected to require treatment prior to issue, will not be covered under the new policy for a specified period of time. Individual Medical Policies and Group Medical Policies of limited size are normally subject to this Condition.



 
 

 

  What is Insurable Interest?
 
  Insurable Interest is the interest in property such that loss or destruction of the property could cause a financial loss...
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