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As the name suggests, a “no-claim bonus” or NCB is a benefit or a reward for the insurance policyholders who have not claimed insurance during the preceding year of coverage. Advantages of no-claim bonus The biggest advantages of a no-claim bonus are as follows:
In an insurance policy, the “contestable period” is usually a time of 1 or 2 years. The insurance company holds all the right to investigate the policy and the policyholders and decide whether to pay or not to pay the insured within this period.
The terms “Insured” and “Insurer” are used in the Insurance industry. Here, the insured is the person or organization that holds the policy, and the term Insurer specifies the company that covers the insured and pays the compensation.
The “revocable beneficiary” is a designation in which the policyholder has all the rights to change the beneficiary name without the consent of the named beneficiary. On the other hand, the “irrevocable beneficiary” is a designation in which the policyholder must ask for the beneficiary’s consent before changing the beneficiary’s name. In this condition, the […]
The term “Beneficiary” is used for that person who gets nominated for the insured amount if the policyholder dies.
A premium is a price or amount the policyholders have to pay for a contract of insurance to the insurance company. It is the price paid for protection from an uncertain loss, hazard, or harm. It can be paid monthly, quarterly, or annually according to their plan, in return for the coverage the policyholders have […]
There are mainly two different types of Insurance Coverage:
The term “insurance coverage” specifies that when an individual takes an insurance policy from an insurer or an insurance company, the insured things will be covered by the insurance company for a specific amount for themselves or the things that he had taken the insurance policy. It is a type of agreement that consists of […]
The insurance policy is a written contract between the policyholder and the Insurer. An entity or organization which provides insurance is called an insurer, an insurance company, or an underwriter, and the person or entity who buys the insurance is called a policyholder. Insurance policies are mainly used to hedge against the risk of financial […]
Insurance is a type of contract represented by a policy. It is a contract between the policyholder and the insurance provider. Insurance is a kind of protection from financial loss. It is a form of risk management and is mainly used to hedge against the risk of an uncertain loss. It is a great way […]