How long does it take to receive a payout after filing a claim?

The time required to process and pay out claims varies based on the insurer, policy type, and severity of the damage. Typically, claims are settled within a few weeks to a few months after completing the assessment process.

Can collision insurance cover custom parts and accessories?

Standard collision coverage only applies to factory-installed parts. If you have custom modifications, you may need additional coverage to protect aftermarket upgrades.

What is sum assured in life insurance?

Sum assured is the guaranteed payout amount that the insurer agrees to pay beneficiaries upon the insured person's death.

Does travel insurance cover trip cancellations?

Travel insurance often covers trip cancellations due to medical emergencies, severe weather, or unforeseen circumstances like airline bankruptcy. However, standard policies may exclude cancellations due to pre-existing conditions or voluntary changes in travel plans.

How did the COVID-19 pandemic affect the life insurance industry?

The pandemic increased awareness of life insurance, led to higher demand for policies, and accelerated digital transformation in underwriting and claims processing.

What is moral hazard in insurance?

Moral hazard occurs when an insured party takes more risks because they are protected by insurance. This behavior arises because the financial consequences of the risk are transferred to the insurer. Examples include reckless driving after purchasing auto insurance or neglecting home maintenance because homeowners' insurance covers damages.

How do I file a travel medical insurance claim?

Notify your insurer as soon as possible, collect medical reports, receipts, and doctor’s notes, complete claim forms, and submit required documents within the insurer’s timeframe for processing.

What is decreasing-term insurance?

Decreasing-term insurance has a coverage amount that reduces over time, often used for mortgage protection, ensuring coverage aligns with a declining debt balance.