Claim is a demand made by the insured, or the insured’s beneficiary, for payment of the benefits as provided by the policy. Orient Insurance provides fair and quick settlement of insurance claims.
Frequently Asked Questions
Insurable Interest is the interest in property such that loss or destruction of the property could cause a financial loss. Insurance interest also exists where an omission or negligence or an accident at one’s place that brings about suffering or damage to a third party that can be assessed in monetary terms. There cannot be insurance without an insurable interest.
Employers Liability Insurance is the coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workmen’s compensation law. Workmen’s Compensation Insurance seeks to cover the employer against his liability towards his employees for any accident or specified illnesses incurred during the course of employment. Orient Insurance can offer both these insurances as a single package to provide comprehensive coverage to the employer.
Reinsurance is an insurance that an insurance company buys for its own protection. The risk of loss is spread so a disproportionately large loss under a single policy doesn’t fall on one company. Reinsurance enables an insurance company to expand its capacity; stabilize its underwriting results; finance its expanding volume; secure catastrophe protection against Acts of God. Orient Insurance has a robust panel of reinsurers led by Swiss Re, the world’s leading reinsurer.
Insured’s Net Retained Loss is also a deductible but this does not form part of the limit of liability. This is often used in liability insurance
Risk Management is the Management of the pure risks to which a company might be subject. It involves analysing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance. Orient Insurance provides Risk Management Services to its customers.
Casualty Insurance is the type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others. It also includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler, machinery and construction insurance and Aviation insurance. Orient Insurance also writes bond insurance under this class of insurance.
Accidental Death Benefit – In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. Accidental Benefits can also be extended to cover non-death benefits such as total or partial disability either permanent or temporary. There can be certain exclusions as well as time and age limits.