Of all the insurance products, Motor Insurance is very popular not only in India but also across the
globe, because of its compulsory nature. Typically, motor insurance is divided into, very popularly
known, two types: Third Party (TP) and Comprehensive. What these insurances are we shall be
seeing in these series.
The modus operandi of each of the article is to understand what a motor insurance proposal or
application form is and the policy terms and conditions. Each of the policy term and condition will be taken and explained with the help of an example. Similarly, each question in the application /
proposal form is explained with an example.
Why am I doing this? You can call it as paying back to the industry or discharging my responsibility to the policyholders who unknowingly, unassumingly in their anxiety to obtain an insurance policy in all goodness and with every good intention sign the proposal papers. Let me assure you my friends: all these years when you were signing the proposal papers you may not have understood what those words in the application form means…but from today, allow me to explain.
All applications of every insurance company are same. They cannot use any other application or
proposal which is not approved by the insurance regulator. Hence, if I take the insurance application of Reliance or United India or HDFC or for that matter any other company – I would be taking the same application and same policy wording! There cannot be any change.
For the purposes of illustration, explanation and for ease I will be taking Reliance General Insurance application form and its policy wording.
See you in my next article.
About the Author
Dr. K. Raja Gopal Reddy is a seasoned internationally qualified Insurance professional.
What you are reading here, may not answer all the questions we have, but has the absolute power of asking unsettling questions which increase the interest in the strange world, and show the contradictory wonders lying just below the surface of the commonest things of life. Look at this disturbing but beautiful thought of Friedrich Nietzsche “God is dead. God remains dead. And we have killed him”.
Dr. Reddy can be reached at: raja66gopal@gmail.com
