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12 things you must know about insurance [infographic]

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Here are 12 things in a graphical format you must know about insurance.

Insurance policies, be it life via term or endowment, or health or motor insurance, have some caveats or rules that always catch investors by surprise. And when that happens, the claim is rejected.

Instead of learning on the job, it is always wise to know about certain things upfront so that the claim settlement process is smooth.

Check out these 12 points or tips and add more in the comment section.

You can click on the graphic if you want to see a bigger and better graphic.

Insurance Awareness Points

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Reader Interactions

Comments

  1. Sachin says

    One point regarding vehicle insurance that I was told – If you make an accident under the influence of alcohol and if you do not have a ‘drinking’ license, you claim is rejected.

    • TheWealthWisher says

      I am not sure about this ! Your age defines whether you can drink or not and as long as you prove it to be beyond the permissible age, its fine.

  3. Rakesh says

    A very good reckoner, must read for all. I was not aware of point 7, a bit scary when you hire vehicles.
    In case of point 11 do we have to inform the insurance companies every time we travel abroad. For eg a businessman who travels overseas every two months, would he have to inform insurance companies every time of his whereabouts?

    • TheWealthWisher says

      No not really, it is not for every travel outside. But a longer one, yes. I am not sure whether insurance companies have something different to ask in this matter so it might be worth checking with them.

  4. Hemanth says

    Why should we inform the insurance company about our other insurance policies? How are they going to use my policies information?

    • TheWealthWisher says

      Hemant, one cannot over insure himself/herself. If insurance companies have to provide the right level of insurance, then they need to know what insurance you already have. Also, note that there is no monetary value you can assign to one’s life so as far as life insurance is considered, you can over insure.

  5. Rakesh says

    @Hemanth,

    Its always a good practice to disclose all your current working policies to the new company. In case of any claims if the first company honors then the second company will have to honor it too provided you disclose all the correct information.

  6. mandar says

    It is very important to disclose existing policy detail at the time of applying for a new one as one cannot over insure himself.