Insurance frauds are a financial crime. The US insurance industry consists of more than 7,000 companies, collect over $2 trillion in premiums each year. The size of the industry contributes significantly to the cost of insurance fraud by providing opportunities and incentives for committing illegal activities. The total cost of non-health insurance fraud is estimated […]
Tag: claims
25. Motor Insurance – 24 Articles Later and in Conclusion
As I write this piece, Motor Insurance claimfiles sprint across my mind. The angry exchanges customers had with the motor insurance officials in an insurance office come in like the waves of the sea in my mind. Millions of unsettled motor insurance claims, lakhs of customers who have gone to the court crying foul and […]
23. Why Motor Insurance Policies do not have Same Policy Wording in India?
It always bothered me as to why the motor insurance policies do not have the same wording in India. Motor Insurance is a compulsory insurance. None has thought about the wordings earlier i.e., to know whether all the insurance companies are having same policy wording. Everywhere in the world, it is a universal global standard […]
8. What is Reasonable Care?
Section 3 of the Private Car Package Policy general conditions talks about reasonable care. “The insured shall take all reasonable steps to safeguard the vehicle insured from loss or damage to maintain it in efficient condition”. What are the reasonable steps to safeguard the vehicle? What maybe reasonable to me may not reasonable to you…on […]
