- Short term Insurance
- Q :- Why do i need insurance?
- Q :- What is short term insurance?
- Q :- What is the difference between short term and life insurance?
A :-Life Insurance is a long term investment for a human life and requires periodic payments, either monthly or quarterly or annually.Life Insurance cover risks relating to premature death, income during retirement and illness. The main products for life insurance includes; medical and health, life annuity plan and whole life endowment term.The period for short-term insurance policies and plans is usually one year, whereby premiums are normally paid on a one time basis.The risks that are covered include loss and/or damage to property, vehicle, liability arising from damage caused by an individual to a third party, accidental death or injury. The main products of short term insurance includes; motor insurance, house owner's, household, directors & officers liability, and travel insurance.
- Q :- What is an excess?
- Q :- Are there any common exclusions?
- Q :- What's a no claims bonus?
- Q :- Do I get my money back if i don't claim?
- Q :- What are the policy territorial limits?
- Q :- Can i be covered beyond the territorial limits?
- Q :- Is it possible to pause and resume my policy after a month or 2?
- Q :- What could increase my premium?
- Q :- How do you submit a claim?
- Q :- Is there a waiting period before I can institute a claim?
- Q :- When must I notify the insurer of a claim or a potential claim?
- Q :- What is Average?
A :-The term used when calculating a payout against a claim where the policy undervalues(underinsurance) the sum insured. In the event of partial loss, the amount paid against a claim willbe in the same proportion as the value of the underinsuranceThe formula used is as follows;Sum insured x lossValue at risk
- Q :- What happens if i miss a monthly payment?
- Q :- How can I conveniently pay for my premiums?
- Q :- Where can i purchase insurance?
- Q :- How can i get a quote?
- Q :- Why should i choose BIC for my short term insurance needs?