Motor Insurance Burglary And

Personal Accident

Insurance

Motor Insurance

Motor Insurance got recently a great momentum. In the older times, persons, who were injured or killed through the negligence of the motorists, could not get financial redress either to them or to their legal heirs because no scheme of insurance was present at that time. To mitigate the financial hardship caused to the persons, the Motor Vehicles Act, 1939, as amended from time to time, has made it compulsory for the motorists to insure against the risk of liability to third parties.

Kinds of PoliciesThe Policies under motor insurance are as follows:I. Act Liability Only.II. Third Party Only.III. Comprehensive Policy.

Act Policies This policy is designed to meet the

requirements of Motor Vehicles Act,1939, which provides for compulsory insurance in regard to liabilities arising out of use of motor vehicles n a public place. This kind of policy is limited to bodily injury or death of the third parties. Section 95(2) of the Motor Vehicles Act lays down that a policy of insurance shall cover any liability incurred in respect of anyone accident 1) Goods Vehicles, 2) Passenger Vehicles and 3) Other Vehicles.

Third Party PolicyThis policy cover the liabilities of the third parties

who suffer less in connection with the damage of property and personal injury or death. Thus, this policy indemnifies the injured against his legal liability in respect of damage to property of third parties over and above 2000. The limit of liability is as follows:

a) Private Car- Unlimited.b) Commercial Vehiclesc) Goods or Passengersd) Other miscellaneous or special type of vehicles

Comprehensive PolicyThe comprehensive policy covers the following

risks 1. Damage to car parts or body.2. Removal charges for repairs.3. Third Party Liability.4. Costs and Expenses incurred with risk.5. Repair Charges 6. Medical Expenses.

Procedure of InsuranceThe proposal form is completed for making proposal for motor

insurance. The form is divided into three parts:I. Identification Of VehiclesII. Risk InformationIII. Declaration

Rating the Motor Insurance Issue of Policy Term of InsuranceAdditions of BenefitsChange f VehicleFurlough Concessions Settlement of ClaimsNegligence of the PartiesKnock For Knock Agreement Having Agreement

General ExceptionsThe insurer is not liable under the policy in respect of:1. Any accident, loss, damage and liability caused sustained or incurred outside the

geographical area specified in the schedule of the policy, i.e., India. On request it can be extended to Nepal, Sikkim and Bhutan.

2. Any claim arising out of any contractual liability. If however, the liability arises independent of the contract, the claim is payable.

3. Any claim arising whilst the vehicle is being.a) used otherwise than in accordance with the limitations as to use specified in the schedule of

the policy or;b) Driven by any person other than a driver described in the schedule of the policy. 4. Any claim arising after any variation in or termination of the insured`s interest in the

vehicles.5. Any claim directly or indirectly arising from: a) Ionising, radiations or contamination by radio-activity from any nuclear waste from the

combustion of nuclear fuel. b) nuclear weapons material c) flood, typhoon, hurricane, volcanic eruption, earthquakes or other convulsions of nature. d) war, invasion , act of foreign enemies, hostilities or war like operations, civil war, strike,

riot, civil commotion, invasion, rebellion, military or usurped power. e) Driving of the car under the influence of intoxicating liquor or drugs. 6. This does not cover use for hire or reward or gaining, pace-making, reliability trial, speed

testing, the carriage of goods in connection with any trade or business r use for any purpose in connection with motor trade.

Burglary Insurance

Burglary InsuranceBurglary Insurance is one of the major classes of business

underwritten n the miscellaneous department and accounts for a sizeable portion of the department`s premium income. For the business house Burglary Insurance is as essential as fire Insurance, as t enables them to recoup the losses suffered by them consequent on burglary or house breaking. In addition to the burglary policy, other types of polices giving wider covers have also been devised by the burglary department.

The man types of policies are as follows:I. Business Premises PoliciesII. Private Dwelling Policy III. Jewellary and Valuable PolicyIV. All Risk PolicyV. Money In Transit Policy

ExclutionsThe exceptions peculiar to a burglary (business premises)

policy are:I. loss or damage where any member of the insured`s

household or his business staff is concerned as principal or accessory or resulting from any act committed by any other person lawfully on the premises wherein the property may happen to be;

II. Loss or damage which can be insured against by a fire or a plat glass or a motor insurance policy;

III. Loss f or damage to deeds, bonds, bills of exchange, promissory notes, cash, treasury, bank documents of any kind and medals and coins, unless specially mentioned and agreed to be covered.

UnderwritingUnderwriting of burglary insurance includes the

following steps:i. Nature of Insured Propertyii. Premises in which the insured property is housediii. Occupationiv. Safety Measuresv. Historyvi. Moral Hazardvii. Books of Accountsviii. Identificationix. Conditions

Personal Accident Insurance

Personal Accident Insurance Personal Accident Insurance is one of the

popular classes of accident insurance and as a supplement to life insurance, it provides an ideal protection against death or disability. Though the majority of the policies still issued are to individuals, it has found favour with employers who offer personal accident insurance benefits as apart of the service benefits to their employees.

Exceptions war and kindered risk, riots, strikes and civil commotion

or intentional self-injury whether criminal or not. Injury sustained whilst the injured person is under

influence of intoxicants or is suffering from insanity. Injury occasioned by or contributed to by venereal

disease or pregnancy.Flying for the purpose of any trade of technical operation

or as a member or an aircrew or any other aerial activities.

Hunting, stable- chasing, racing of any kind, rugby, football, polo, motor cycling or winter sports, underwater pastime or pot-holding except in so far as the company have by endorsement agreed to extend the insurance.

Personal Accident and Specified Diseases Insurance In addition to the death and disablement

arising out of accidental bodily injury, insurance may also provide for benefits for disablement arising out of specified diseases. This is provided by issuing personal accident and specified diseases insurance policies. These policies contain the usual personal.

Medical Benefits and Hospitalization Schemes As part of their service benefits, many employers

reimburse to their employees the expenses incurred by their employees for medical treatment. Insurers have, therefore, devised medical benefits and hospitalization schemes which they offer to the employers. There s a tendency on the part of many employers to buy such insurance schemes rather than electing to reimburse the employees from their funds, because such scheme reduce the cost of providing medical facilities for the employees and cut out clerical work for them.

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