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A TPA facilitates claim processing by verifying policyholder details, checking coverage eligibility, assessing medical reports, and approving or rejecting claims as per the insurance policy’s terms. It ensures timely claim settlements and reduces fraudulent claims.
Policies include Time Policy (fixed duration), Voyage Policy (specific journey), Fleet Policy (multiple vessels), and Builders’ Risk Policy (vessels under construction).
Renters insurance typically does not cover flood damage, earthquakes, pest infestations (like bed bugs or rodents), intentional damage, or a landlord’s property (e.g., appliances they own). Additionally, business-related losses and high-value items above policy limits require separate coverage through endorsements or specialized insurance.
The two main types of reinsurance are facultative reinsurance, which covers individual policies, and treaty reinsurance, which covers a group of policies under a long-term agreement. Each type serves different risk management needs for insurers.
The deductible is the amount the insured must pay first before coinsurance applies, after which the insured and insurer share costs based on the coinsurance rate.
Payouts are determined based on the intensity of a predefined event. For example, a policy might pay $10,000 if rainfall in a certain area exceeds 200 mm within 24 hours. The amount is fixed and does not depend on the actual damage suffered, making payments predictable and efficient.
Yes, the policyholder and beneficiary can be the same person, especially in life insurance policies, where the policyholder can name themselves as the beneficiary for the benefits.
Yes, liability insurance helps cover legal defense costs, attorney fees, and settlements up to the policy limit.
Get in-depth market research for Insurance companies in India, Maharashtra, Mumbai. Our experts analyze trends, gather valuable insights, and identify key opportunities to drive your business growth.