Page 160 - Motor Insurance Ebook IC 72
P. 160
The Insurance Times
the product. The terms should be clearly defined
and in a simple easy language.
3. The product should be a genuine insurable risk
product with a real risk transfer element.
4. It should comply with the rights of Policy holder
Regulations 2002
5. Similar wordings for similar products or requirements
across various products to be maintained e.g.
Renewal terms, cancellation, arbitration clauses must
be similar across all products.
6. Pricing should be based on appropriate data and
sound technical justifications.
7. Terms and conditions should be fair
8. Margins built into rates should be consistent with
insurer's experience
9. Avoidance of unprincipled rate cutting and improper
underwriting to combat competition.
Although the insurers have been free from the tariff
norms for motor OD rating, they continue to follow the
erstwhile tariff guidelines as a base.
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