Page 56 - Insurance Times April 2019

Poll Do you think proposal to remove practical
Glossary

training of Insurance Surveyor is correct

Yes Results of Poll in our March 2019 Issue

No Do you think launching of Standard Policy for
Health Insurance by IRDA will help to promote
Can’t say sale of health insurance policy in India

Direct Writer You may send your views to :
An insurance company that sells policies Poll Contest, The Insurance Times Yes 100
to the insured through salaried 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 00
representatives or exclusive agents only; Phone : 2269 6035, 2218 4184, 4007 8428 Can’t say 00
Email: insurance.kolkata@gmail.com
reinsurance companies that deal
directly with ceding companies instead Add-ons barred on annual policies
of using brokers.
IRDAI has directed general insurers to withdraw the automatic extension in
Direct Written Premium period clause, which is offered as an add-on with annual policy covers by
Total premiums received by an insurance general insurers, as this violates the rules of All-India Fire Tariff and is non-
company without any adjustments for compliant with guidelines on product filing procedures for general insurance
the ceding of any portion of these
premiums to the Reinsurer. products.
IRDAI has observed that some insurers are offering 'Automatic Extension of
Directors & Officers Liability Period Clause' as an add-on to annual policies such as Stan-dard Fire Special
Liability coverage protecting directors or Perils, Industrial All Risks, Office Package, Home Package, Shop Package. The
officers of a corporation from liability
arising out of the performance of their regulator, however, has allowed the existing policies to remain in force, which
professional duties on behalf of the have been issued under the same clause until their expiry.
corporation. An automatic extension period clause allows policyholders to extend the base
policy cover by a specified period and the insurer charges a pro-rata premium
Disability Income
A policy designed to compensate for that extended period. But the terms, conditions and exclusions for an add-
insured individuals for a portion of the on cover is same as the base cover. General insurance products are normally
income they lose because of a disabling one-year products. So, policyholders have to renew their covers every year
injury or illness. and the rates keep changing every year.
TEXTILE INDUSTRY CLAIMS EXPERT SURVEYOR

Leeds University (U.K.) qualified, Insurance surveyor, with vast Industrial Exposure, Chartered Engineer and com-
mercial textile dispute claim Arbitrator.
Available in Lucknow, with prior appointment, for discussing, issue-relating “Textile Industry claims” (Spinning,
Weaving, Processing, Knitting, Chemical Fiber Manufacturing, Garment Making, and allied fields).
Providing Survey & Expert Technical opinion in Fire, Spoilage, Marine-Cargo Transit damage, Engineering (IAR/MB/
EEI/CPM/CAR/Boiler Explosion/ EAR/MCE/SCE and other Insurance policies of Industry & Trade).
-: CONTACT :-
Er. N. C. MITTAL, FIE
Insurance Surveyor & Loss Assessor,
Chartered Engineer & Arbitrator (MICA)
21 Narain Bazar, 10-Lalbagh, Lucknow-226001
Mobile: 09415020798, Email: ncmgeneralinsurance@gmail.com

56 The Insurance Times, April 2019