FAQ

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FAQ

Frequently Asked Questions

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