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An insurance policy is an agreement between the insurance company(insurer) and the customer. The insurer is the insurance company that provides the insurance cover. An entity that provides insurance is known as an insurer.
Yes, you can launch a Complaint against a Private Insurer
An insurance policy is a document that contains the details of the agreement between the insured customer and the insurance company and mentions the details of coverage against the premium charged by the insurance company. The insurance policy is the contract of agreement between the insured customer and the insurance company for a period as mentioned in the policy year. The insurer is obliged to serve the customer with claims or any other requirement during the policy period of the insurance policy.
An insurance company is a financial organization that provides a range of insurance policies to protect individuals and families, businesses against the difficulties of financial losses in return for regular payments of premiums.
Insurance brokers are agents that need to work for insurance companies. They sell policies but do not own them. Buying a policy through an insurance broker might sound like a good idea but think about the additional expenses that come with it. Not only would brokers charge you brokerage fees, but they will also tack on other charges to your policy.
This insurance offered is popularly known as Mortgage insurance or Mortgage title insurance or Home loan protection plan insurance. At the time of giving loan banks and other financial institutions ask for insurance to cover the loan in case of death of the insured or in case of the customer not being able to pay the installments.
Insured Person(customer) is the person who protected by an insurance company when he/she buy/purchase an insurance policy.
Mortgage insurance also known as Loan insurance is the insurance taken by the insured customer to safeguard the mortgage in case of sudden demise of the insured. The mortgage insurance is normally offered as declining term insurance cover in which the insured customer would pay the premium till the end of the mortgage period. The sum assured under Mortgage insurance would be the loan amount at any given time. In Indian scenario the mortgage customers would pay for the private mortgage insurance policy.
Insurance Regulatory and Development Authority of India (IRDAI) 1999
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