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ACCIDENTAL INSURANCE

Accidental insurance is an agreement in which the company


promises to compensate or identify the loss of goods and life
of the insured occurred due to an accident. The insurance
company receives premium from the insured for accepting
the responsibility of loss.

Accidental Policies:
Some policies cover only accidents and not
illness. As you might suspect, policies like this are very
specific about what is considered an accident. It is extremely
important to understand what the insurance company
defines as an accident.
Generally, an accident to the health insurance industry is
considered as unforeseen and unintended. Remember that
when discussing accidents in any policy that includes an
accidental provision, it is important to define what an
accident is a not just accident specific policy.

Procedure for accidental policy:


1) Proposal:
The person who wants to get the accidental
insurance gives a proposal form to insurance company after
filling it. The information regarding the insured (His name,
address and age etc.) is written in the proposal form. If a
person wants to get insurance for his motorcar, the
particulars of car, model and engine etc are recorded or
mentioned in the proposal form.

2) Scrutinizing:
The insurance company scrutinizes the information
provided in proposal form (e.g) age of customer, his medical
report and birth certificate etc. if the insurance is of a car the
insurance company can demand the necessary documents
like registration book etc to confirm the insurable interest

3) Acceptance:
If the insurance company is satisfied with the
information and documents provided by the customer, it
accepts the proposal of insurance. The customer pays the
first installment of insurance premium to make the contract
of insurance valid.

4) Issuance of policy:
After receiving the insurance premium form the
insured, the insurance company issues the insurance policy
to the customers.

KINDS OF ACCIDENTAL INSURRANCE


(i) Accidental insurance for person.
(ii) Accidental insurance for vehicles.
(iii) Accidental insurance for a property.

ACCIDENTAL INSURANCE OF A PERSON:


If you are a breadwinner, an
accident can create serious financial problems for your
family. It can ruin the comfort and security you work so hard
to provide them. Just think of it, which will help them settle
the financial commitments in your absence or in case of your
disability to earn any more, temporarily or permanently? You
need to be prepared. Arm yourself with personal accident
insurance.

Accident insurance provides a cash cover to a policyholder


when s/he suffers injuries as a result of an accident. While
insurance helps a policyholder pay off hospital and medical
bills in case of accident injuries, it provides cash benefits to
family members if the policyholder dies in the accident. This
insurance, applicable 24 hours a day, 365 days a year, is
also commonly referred to as personal accident insurance.
Accident benefits are most commonly paid for person
are:

* Accidental loss of life (also called accidental death)


* Accidental loss of limb or sight (dismemberment)
* Loss of time and/or income
* Hospital expenses
* Surgical expenses
* Medical expenses like visits to the doctor.

The person who received the death benefit is called the


beneficiary. The policy owner (or holder) has the right and
responsibility of naming beneficiaries. Usually there is a
primary beneficiary however the policyholder can assign a
second and even a third beneficiary.

The primary beneficiary is the first person in line to receive


the benefit in the event of the death of the policyholder.
They can also name a second beneficiary who would receive
the benefit in the event the primary beneficiary dies before
the insured. Some policies can include a third beneficiary
who would be in line after the first two. Although, some
policies allow you to divide (by percentage) between the
beneficiaries.

There is much more to be learned about accidental death


policies, but I would like to mention one important
component before we move on. An accidental death may not
be instant. A person can die as a result of accidental injury
months after the accident occurrence. Read your policy
carefully because most stipulate that the accidental death
benefit will only be paid if death occurs within 90 days of the
accident.

Types of Personal Accident Insurance Policies


Under personal accident
insurance, the policyholder, if injured, receives cash benefits
every month, just like income, for as long as s/he is unable
to work due to the accidental injuries. This income is non-
taxable and does not exceed the policyholder’s after-tax
earnings minus the state benefits s/he can claim. In case of
death of the policyholder due to an accident, the family
receives a specific lump-sum amount.

There are eight common types of personal accident


insurance policies:

* Individual: This policy can be taken by any individual.


The benefits usually enclose partners and children. Since
several activities are excluded from this policy, it is not as
useful for people who love adventurous sports, like
mountaineering and rock climbing.

* Children: The purpose of this policy is to provide financial


help to parents if they are unable to work or if they incur
expenses as a result of an accident.

* Group: companies to cover employees for expenses


related to accidents use this policy.

* Self-employed: Since self-employed individuals are not


eligible for employee benefits, they are worse off when
injured in an accident.

* Team: Through a team accident insurance policy,


organizers can seek cover for all the members of a sports
team.

* Professional: This policy is specifically for self


employed professionals, such as a sports person, actor,
lawyer or doctor, who have special requirements.

* Over 50: This policy targets people over 50 years of


age, as accidents can cause more grievous injuries to them.

* Travel accidents: This policy offers benefits in case the


policyholder meets with an accident while traveling.
There are varied accident insurance policies to suit different
needs. One should understand and choose the policy with
utmost care.

AC
CIDENTAL INSURANCE OF VEHICLES:
Vehicles insuring are the act of the
insuring your Vehicles from damages, accidents, and hijacks,
in the result of influence of different risks. In order to insure
your car, you have to receive Vehicles accident insurance.
According to your Vehicles accident insurance, you insure
your Vehicles from the following cases: road traffic accident,
fire, spontaneous combustion, disaster, illegal action of third
person (at this point car jack is also included). The whole list
of cases, which your Vehicles accident insurance covers, you
can find in your Vehicles accident insurance treaty.

The majority of drivers do not consider vehicles accident


insurance to be a necessary thing to take care of, however,
in a case of vehicles accident or if some other accident
occasion happens, they do not know what to do and where
to get money in order to repair their favorite vehicles without
which they can not imagine their life. And what happens if
you are not only going to damage your own vehicles, but
also considered guilty in the car accident?
You know if you are that one to be guilty in the vehicles
accident, you are that one to repair the car, which you have
damaged. And what about your own car? Is your financial
position good enough to afford the repairing of several cars
at one and the same time? However, of course, if you have
an accident insurance, you are not going to be worried by all
the above-mentioned expenses, as accident insurance
company in which you have got your car accident insurance
is that one to cope with all the expenses by giving you car
accident insurance cover.
That is why if you do not want to find yourself in such an
unpleasant situation concerning car accident or some other
occasion, which may damage your car, obtain car accident
insurance and be sure that if something happens you will be
able to handle all the expenses.

ACCIDENTAL INSURANCE OF PROPERTY :


Property insurance provides protection against risks to
property, such as fire, theft or weather damage. This
includes specialized forms of insurance such as fire
insurance, flood insurance, earthquake insurance, home
insurance, inland marine insurance or boiler insurance.

SOME TYPES OF PROPERTY INSURANCE


Buil
der's risk insurance:
It insures against the risk of physical
loss or damage to property during construction. Builder's risk
insurance is typically written on an "all risk" basis covering
damage due to any cause (including the negligence of the
insured) not otherwise expressly excluded. Builder's risk
insurance is coverage that protects a person's or
organization's insurable interest in materials, fixtures and/or
equipment being used in the construction or renovation of a
building or structure should those items sustain physical loss
or damage from a covered cause.

Crop insurance:
Farmers use crop insurance to reduce or
manage various risks associated with growing crops. Such
risks include crop loss or damage caused by weather, hail,
drought, frost damage, insects, or disease, for instance.

Eart
hquake insurance:
Is a form of property insurance that pays
the policyholder in the event of an earthquake that causes
damage to the property. Most ordinary homeowner’s
insurance policies do not cover earthquake damage. Most
earthquake insurance policies feature a high deductible.
Rates depend on location and the probability of an
earthquake, as well as the construction of the home.
Fl
ood insurance:
It protects against property loss due to flooding.. In response
to this, the federal government created the National Flood
Insurance Program which serves as the insurer of last resort.
Ho
me insurance:
It also commonly called hazard insurance or homeowners
insurance (often abbreviated in the real estate industry as
HOI), is the type of property insurance that covers private
homes.
Lan
dlord insurance:
It covers residential and commercial properties, which are
rented to others. Most homeowner's insurance covers only
owner-occupied homes.

Nat
ural disaster insurance:
It covers specified expenses after a natural disaster renders
the policyholder's home uninhabitable. Periodic payments
are made directly to the insured until the home is rebuilt or a
specified time period has elapsed.

Terr
orism insurance:
It provides protection against any loss or damage caused by
terrorist activities.
Volc
ano insurance:
It is an insurance that covers volcano damage.
Windstorm insurance:
It is insurance covering the damage that can be caused by
hurricanes and tropical cyclones.

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