Page 80 - VIRANSH COACHING CLASSES

Just to know

Claim Settlement Process
On the happening of the event, the beneficiary is required to send claim intimation form
to the insurance company as soon as possible. Claim intimation should contain details
such as Date, Place, and Cause of Death. On successful submission of claim intimation
form, an insurance company can ask for additional information about

1. Certificate of Death
2. Copy of Insurance Policy
3. Legal Evidence of title in case insured has not appointed a beneficiary
4. Deeds of assignment

On successful submission of all the document, the insurance company shall verify the
claim and settle the same.

Collect and compare different life insurance policies taken by 10 persons.

II) Marine Insurance:
Meaning :
It gives protection against the losses caused due to the dangers of the sea. It is a form of insur-
ance contract covering loss or damage to vessels or to cargo or passengers during marine transpor-
tation. All the principles of insurance are applicable to marine insurance contracts.

Types of marine insurance Policies :

1) Voyage Policy:
It is a policy in which the subject matter is insured for a specific voyage irrespective of time
involved in it. In this case, risk begins only when the ship starts on voyage.
2) Time Policy:
In this policy the subject matter is insured for a definite period of time. A time policy cannot
be for a period exceeding one year, but it may contain continuation clause. The continuation
clause means that if the voyage is not completed within the specified time, the risk shall be
covered until the voyage is completed.
3) Mixed Policy:

This policy is the combination of voyage and time policy. It therefore, cover the risk of both,
particular voyage and for specified period of time.

4) Valued Policy:
Under this policy, goods are insured for an agreed value between the insurer and insured at the
time of taking policy. This facilitates easy settlements of claims in case of such items where it
is difficult to assess the real market value.
5) Blanket Policy:

This policy is taken for maximum limit of the required amount of protection and full amount

70 71