Page 194 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

should provide then steps to resolve simple
disputes and the process of arbitration in simple
language.

v) The pricing of the products should be based on
appropriate data an with statistical justification.

vi) The terms and conditions of the cover should be
fair between the insured and the insurer. The
conditions and warranties should be reasonable and
compliant . The exclusions should not limit the cover
to such an extent that the value of insurance get
lost.

The cover should be a value to the policy holder
and should provide desired protection. The policy
holder should not be forced to buy any other cover
to grant him the desired protection. The time
allowed for reporting of claim should be reasonable
and the policy holder should not be required to do
onerous things to maintain his eligibility for
protection.

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