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IIT INSURANCE BROKING AND RISK MANAGEMENT (P) LTD

Insurance, India, Maharashtra, Mumbai

IIT Insurance Broking and Risk Management (P) Ltd provides innovative insurance solutions to protect your assets and mitigate risks, ensuring peace of mind for businesses.

About IIT INSURANCE BROKING AND RISK MANAGEMENT (P) LTD

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Basics

Type
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Founded
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Total Employees
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Employees on Linkedin
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Employees on OWCareers
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Main Office
India, Maharashtra, Mumbai
Official Website
http://www.iitinsurance.com
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FAQs – IIT INSURANCE BROKING AND RISK MANAGEMENT (P) LTD

How do I maintain my SOA credentials?

To maintain credentials with the SOA, actuaries must fulfill continuing education requirements, engage in professional development, and participate in regular assessment activities. Members must also adhere to the SOA's code of professional conduct and ethical guidelines.


How does weather-related crop insurance work?

Crop insurance compensates farmers when weather-related disasters lead to reduced yields or complete loss of crops. Farmers receive payouts based on yield loss or revenue loss depending on their policy.


Is comprehensive insurance worth it for an older car?

It depends on the car’s value. If repair costs exceed its worth, dropping comprehensive insurance might save money on premiums.


How do regulatory bodies monitor an insurer’s solvency ratio?

Regulatory authorities, such as the Insurance Regulatory and Development Authority (IRDAI), National Association of Insurance Commissioners (NAIC), or European Insurance and Occupational Pensions Authority (EIOPA), monitor solvency ratios through periodic reporting, stress tests, and capital adequacy requirements to ensure compliance and financial stability.


What does homeowners insurance coverage protect against?

Homeowners insurance provides coverage for risks such as fire, theft, vandalism, weather-related damages (e.g., hail, wind), and liability for accidents that occur on the property, offering financial protection.


How did the Great Depression affect life insurance?

Insurers adapted by offering flexible payment options and ensuring financial stability to maintain public trust during economic hardship.


How can I reinstate a lapsed policy?

Reinstatement often requires paying overdue premiums, interest, and possibly undergoing medical underwriting (for life and health insurance). Some insurers allow reinstatement within a specific period, such as 6 months or a year, but terms vary.


Can a business reduce its workers' compensation insurance costs?

Yes, businesses can lower costs by implementing workplace safety programs, maintaining a claims-free history, classifying employees correctly, and shopping for competitive insurance rates.


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