You’ve been asking, so we answered. Here are some of the most frequently asked questions about insurance, whether it’s about healthcare, property, personal accident, or what have you.
Insurance is simply a legal contract between an insurer and insured whereby in exchange for premium, the former promises to compensate the latter for suffering from specified potential future losses or damage.
Life Insurance and Non-Life Insurance
It is a legal document which specifies the details of the insurance contract. In it the type of policy, period of insurance, the insured, the extent of cover terms and conditions among others are specified clearly. It is evidence of the insurance contract.
A third party is any person or entity other than the Insured and Insurer who obtains benefits under an insurance contract.
A person/institution in whose name the insurance policy is written.
A contingency that gives rise to a loss e.g. fire, flood, earthquake etc.
An accident insurance policy typically covers Accidental Death and Disablement, Unprovoked Murder and Assault, Medical Expense Reimbursement, and an Accidental Burial Benefit.
Accident insurance policies typically provide coverage for a broad range of individuals, but the specific eligibility criteria and coverage details can vary depending on the insurance provider and policy terms.
Accident insurance policies typically have a coverage period of one year, although the specific duration may vary depending on the terms of the contract.
The age legibility of an accident insurance is from ages 3 years old to 60 years old only
A claim notification should be submitted within 30 days following the accident.
To make a claim notification, you should provide the claimant's name, the date of the accident, and a brief description of the accident details. Details should be forwarded to IUBI via call, text, email and or Viber.
Pre-existing conditions, pregnancy-related causes, AIDS, and suicidal cases are not covered under the Personal Accident Policy.
The required documents include the Accomplished Accident Claim Insurance Report, original official receipts for expenses related to the accident, doctor's prescriptions, hospital charge slips, laboratory reports (e.g., X-rays), and the hospital statement of account (if confined). In the case of a motorcycle accident, a copy of a valid driver's license (if the claimant was the driver) and a Police Certification confirming the use of a crash helmet at the time of the accident are also required. Additional documents may be requested if they are deemed necessary.
Covid 19, Dengue, H-Fever, Chikungunya and other serious illnesses can be covered by medical cash assistance through reimbursement. Additional premium shall apply
Regrettably, CTPL only extends to cover medical expenses or related costs in the event of injury or death suffered by a third party in an accident involving your car. It does not offer protection for your car's physical damages, which can leave you in a difficult situation when repairs are needed. Even in non-fatal accidents, the costs of body repairs can be substantial.
As the name implies, CTPL is primarily designed to safeguard the interests of third parties involved in a vehicular accident and does not provide protection for the car owner or the vehicle itself. That's where comprehensive car insurance comes into play, offering the necessary coverage for your car and its repairs.
Comprehensive car insurance offers protection against the loss or damage of your vehicle. For an annual fee equivalent to a single monthly car payment, the insurance provider ensures compensation for any financial expenses arising from accidental damage to your vehicle, including those that exceed the premium cost. Additionally, it often includes valuable features like roadside assistance and emergency towing services.
Acts of Nature (AON) is typically an optional add-on benefit that can be purchased in addition to a comprehensive car insurance policy. This additional feature comes highly recommended because damages resulting from incidents like fires, floods, and earthquakes can be not only expensive but also devastating for car owners. For instance, flood damage can wreak havoc on a car's sensitive electronics, resulting in repair costs that can easily amount to hundreds of thousands. In cases where accidents are severe enough to completely total the vehicle or result in damages exceeding the car's value, a comprehensive insurance plan with AON can cover the expenses required to restore it to the best possible condition.
Applying for a new policy before your existing one expires should not pose any issues; the new policy will come into effect once the current one has lapsed.
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