Page 339 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

vehicles. The premium you need to pay to the car
insurer after buying a car insurance policy is dependent
on a number of factors. The latest method of paying
the premium is online purchase of policy.

Information technology's benefits are only as good as
the raw information supplied. It therefore, requires a
strong commitment and interest from the top
management of organizations to ensure that the need
for and importance of accurate raw data and the
outcome's benefits are brought to the notice of all
concerned.

In a detariff environment the availability of statistical
data to determine prices and profitability is of great
importance. It is therefore essential that such
information is available quickly and comprehensively.
Thus a well planned and comprehensive information
technology platform must be the goal of every insurer.

Q 9. "TP Premiums are unviable." What is your
Ans: perception about this statement?
By the India Motor Vehicle Act, an automobile owner
is compulsorily required to have a third party insurance
to pay for any damages that occur in event of an
accident. The scope of cover of the third party
insurance is to pay compensation for death of bodily

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