How do I file a claim for lost baggage?

To file a claim, notify the airline and obtain a Property Irregularity Report (PIR). Then, contact your travel insurer and provide documentation, such as your boarding pass, baggage claim ticket, PIR, receipts for lost items, and any communication from the airline regarding the loss. Submit the claim as soon as possible.

What is the impact of surrendering a policy on my dependents?

Surrendering a policy removes financial protection for your dependents. If you no longer have life insurance, your family may face financial hardships in case of an emergency. Consider alternative coverage before surrendering.

What are exclusions in life insurance?

Life insurance exclusions may include suicide within a certain period, death from high-risk activities like skydiving, or death caused by illegal activities.

Why do insurance companies need reinsurance?

Insurance companies need reinsurance to mitigate risks, maintain solvency, and ensure they can pay claims in case of large losses. By spreading risks across multiple reinsurers, insurers can manage their capital more effectively, meet regulatory requirements, and continue offering policies without the fear of financial instability.

Can an insurance company subrogate if I’m uninsured?

No, if you do not have insurance, there is no insurer to pursue subrogation. However, you can personally seek reimbursement from the at-fault party through legal action.

How do I apply for short-term disability benefits?

To apply, you must submit a claim with medical documentation from your doctor and complete any required employer or insurance forms.

How does private health insurance differ from public insurance?

Private health insurance is purchased from a private insurer, whereas public insurance is provided by the government. Private insurance typically offers more coverage options, faster access to specialists, and shorter waiting times, while public insurance is often more affordable but may have service limitations.

Can I revive a lapsed ULIP (Unit-Linked Insurance Plan)?

Yes, lapsed ULIPs can often be revived within a specified revival period by paying outstanding premiums and charges. However, missing this window may lead to the policy’s termination or fund reduction.