Can I cancel my travel insurance policy?

Category: Insurance

Is travel insurance mandatory? (Top 2 points to consider)

Post author By parastar
Post date September 1, 2022

So, you want to know if buying travel insurance in mandatory?...

Here's your answer:

Travel insurance is mandatory if you are traveling to certain countries. It is optional if you are traveling to certain other countries.

Is travel insurance mandatory? (Top 2 points to consider)

So, You’re ready to pack your bags and jet-set your way away to a fun vacation! In all the excitement, you shouldn’t forget about getting a travel insurance policy for yourself and your loved ones. It would be prudent choice!

A travel insurance policy will provide you protection against a host of potentially dangerous situations that may occur on your trip abroad. It is worthwhile to invest in a travel insurance plan before you board your flight.

But is travel insurance mandatory? The answer is “Yes and No.” Purchasing a travel insurance policy is mandatory if you are traveling to certain countries, and it is not mandatory if you are traveling to certain other countries.

So the question you should be asking is “Is travel insurance mandatory in the country I am traveling to?” Let us find out some of the countries where travel insurance in mandatory.

Popular countries where travel insurance in mandated (As of 2022)

Travel insurance is mandatory if you are traveling to any of the following countries:

United States of America
Argentina
Ecuador
Chile
Cuba
Egypt
Indonesia
Israel
Iran
Nepal
Philippines
Russia
Qatar
Saudi Arabia
Singapore
Schengen Nations
Thailand
Sri Lanka
UAE

Schengen nations where travel insurance in mandatory — Schengen Nations where travel insurance in mandatory

Travel insurance inclusions and exclusions

It is vital that you are aware of the inclusions and exclusions of your travel insurance policy. Mentioned below are some of the general inclusions and exclusions of travel insurance.

Inclusions	Exclusions
Baggage loss	Pre-existing conditions
Loss of passport	Self-harm
Hospitalization	Claim resulting due to consumption of illicit substances like drugs or alcohol.
Evacuation	HIV/AIDS
Repartitions	Non- conventional medical treatments
Personal liability	Radiation related sickness
Flight delay	War

Different insurance companies offer slightly different scope of coverage, be mindful of the fine-print. You can also increase the scope of your travel insurance policy by buying additional riders.

What is Transit insurance? (Meaning, Types & Benefits)

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Frequently asked questions about travel insurance

All Schengen Nations mandate travel insurance. The major ones include:

Germany
France
Italy
Spain
Switzerland

Major exclusions of travel insurance include damages caused due to:

War
Radiation
Self-harm
HIV/AIDS
Drug/Alcohol use

Yes. Insurance companies usually allow your travel insurance policy to be cancelled within a time frame of 14 days of policy purchase. (You should have not travelled or made a claim within this time frame)

Insurance

Top 5 insurance trends across the world (An Infographic)

Post author By parastar
Post date August 27, 2022

Top 5 insurance trends across the world (An Infographic)

Insurance is an ever evolving product. From it’s origin around 4000 BC to modern times, the insurance product has greatly evolved, and which each improvement, the value proposition of the insurance product as increased.

This era is no different! The insurance industry is again at the precipice of change with the advent of bleeding-edge technologies such as Blockchain, Crypto, Machine Learning, and Artificial Intelligence.

Let us look at some of the most interesting trends in technology that has the potential to transform the insurance industry in 2022 and the years ahead.

Top 5 insurance trends across the world (2022) - Infographic — Top 5 insurance trends across the world (2022) – Infographic

Hey! Feel free to download this infographic and share it across your social media and websites.

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Frequently asked questions about trends in insurance

The top 5 trends in the insurance industry include:

Integration of AI & Machine Learning with insurance
AI Chatbots
Predictive analysis
Blockchain technology
InsureTech solutions

Solaria Labs
CCC Intelligent Solutions
Bold Penguin
CAPE Analytics
ZestFinance

There could be major disruptions caused by AI & ML in the following sub sections of insurance:

Claims handling
Customer support
Insurance underwriting
Fraud detection
Customer segmentation and classification

IRDA

Top 3 ways you can raise a complaint with the IRDA

Post author By parastar
Post date August 27, 2022

Top 3 ways you can raise a complaint with the IRDA

It is the duty of an insurance company to assist their policyholders to the maximum extent possible. If a policyholder is not satisfied with the assistance and support their insurance company provides, the policyholder has the ability to approach the insurance regulator and lodge a complaint towards the insurance company.

Let us investigate the top 3 ways a policyholder can lodge a complaint with The IRDA of India.

IRDA IGMS
Personally visit the IRDA office
Call or Email IRDA

IRDA IGMS

The IRDA has put into place an online grievance management system called as The IRDA Integrated Grievance Management System (IGMS). The IGMS system can be accessed through the IRDA website, and can be used to do the following:

To lodge a complaint against an insurance company
To keep track of all lodged complaints
To assign a turn-around time for each complaint
It sends notifications to insurance companies asking them to tend to the complainant
Provides resolution to the complainant

Personally visit the IRDA office

If the policyholder so wishes, he or she can even personally visit The nearest IRDA office and lodge a written complaint against the insurer. Once at the office, kindly ask for the complaints department of the IRDA and furnish your complaint letter to the officer. Do remember to take an acknowledgment of the same.

IRDA has 3 main offices across India.

Mumbai

Royal Insurance Building,

Ground Floor,

12, Jamsetji Tata Road,

Mumbai – 400 020.

Hyderabad

United India Towers, 9th Floor,

3-5-817/818, Hyderguda, Basheerbagh,

Hyderabad – 500029

Delhi

Gate No 3, Jeevan Tara Building,

1st Floor, Sansad Marg,

New Delhi – 110001

Call or Email IRDA

Phone number	Location
Mumbai	+91 22 22898600
Hyderabad	+91 40 66514888
Delhi	+91 11 2344 4404
Toll-free	1800 4254 732 / 155255

Email ID: Complaints@irdai.gov.in

As mentioned above, there are various ways you can contact The IRDA and initiate a complaint against your insurance company.

The policyholder should also be aware that apart from The IRDA, the policyholder can also lodged a complaint with The Insurance Ombudsman.

What are the top 10 most important powers of the IRDA?

Which committee recommended the establishment of IRDA (And Why?)

Full form of IRDA

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Insurance

Top 4 facts about home insurance in India (Infographic)

Post author By parastar
Post date August 25, 2022

Top 4 facts about home insurance in India (An Infographic)

Did you know that only 3% of Indian homes are insured and protected, compared to over 90% in certain European countries, and the USA?

Did you know that home insurance penetration is just a meagre 1% in India? Learn about more such interesting facts about home insurance in India through our infographic.

We hope you get inspired enough to invest in your home’s security, thereby investing in your own. An insured home is a happy home! Let’s go!

Top 4 Facts about Home Insurance in India infographic — Top 4 Facts about Home Insurance in India (Infographic)

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Frequently asked questions about home insurance in India

The most important factors that decide the premium rates of home insurance are:

Location of the home
Size of the home
Risk profile
Credit history of the policyholder

Yes, personal belongings are generally covered under home insurance. That being said, some policies do not provided coverage to personal belongings. Generally, the policyholder will have to opt for an additional rider that provides coverage to personal belongings of the policyholder.

The home insurance contract will get terminated the moment you sell your premises to another person.

Notable exclusions include:

Intentional damage to the house
Damages caused due to reckless behavior
Nuclear blast / fallout
War
Rioting

Insurance

Top 5 Applications of Blockchain in Insurance (An Infographic)

Post author By parastar
Post date August 25, 2022

Top 5 Applications of Blockchain in Insurance (An Infographic)

Blockchain technology is taking the world by storm. Due to it’s nature, blockchain has tremendous applications even in the insurance industry.

From automation to fraud detection, blockchain tech has the potential to transform the insurance industry and unleashing massive value proposition across companies and policyholders alike.

Learn about the top 5 applications of blockchain in insurance through our fact-packed infographic below.

Let’s begin!

Top 5 Blockchain Applications infographic — Top 5 Blockchain Applications Infographic

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Frequently asked questions about blockchain in insurance

Some of the notable applications of blockchain in the insurance industry include:

Fraud detection
More effective auditing
Automation
Increasing trust between insured and insurer

The following insurance companies leverage blockchain technology in their business:

Nationwide Insurance
AXA Insurance

IBM
ConsenSys Software
ChainThat
Teambrella
B3i

Insurance

Top 5 wacky facts about insurance (Infographic)

Post author By parastar
Post date August 24, 2022

Top 5 wacky facts about insurance (Infographic)

So, you think insurance is all boring and serious? It doesn’t have to be. InsuranceLiya.com has comprised a list of the most mind bending wacky facts about insurance in this vibrant infographic. Enjoy!

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Frequently asked questions

Chan is blacklisted by insurance companies due to the high risk he presents to insurance companies due to his extreme movie stunts.

The Philadelphia Contributionship

Benjamin Franklin in 1752

The Saint Lawrence Agency of Florida, USA

Insurance

The History of Insurance (Infographic)

Post author By parastar
Post date August 24, 2022

Learn about The History of Insurance (Infographic)

So, you are interested in insurance and it’s antiquity? Let us take you down the rabbit hole, and through a journey that begins in 4000 BCE and ends today.

Check out the InsuranceLiya.com “History of Insurance Infographic”, and get a wholistic understanding about the lineage of insurance and insurance related products.

Let’s begin!

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Frequently asked questions

Nicholas Barbon and his eleven associates

The Philadelphia Contributionship

Ben Franklin in 1752

1935

Lassie the dog

Insurance

What is the difference between claim repudiation & claim rejection?

Post author By parastar
Post date August 22, 2022

What is the difference between claim repudiation & claim rejection?

Have you ever come across the term “claim repudiation” and wondered what it meant? Is claim repudiation the same as claim rejection?

Let us briefly discuss the meaning of claim repudiation, and the difference between repudiation and rejection.

Meaning of claim repudiation

An insurance claim is said to be repudiated by the insurance company if the insurance policy does not provide any provision for disbursement of the claim for a particular condition or cause.

In simple terms, the cause that the claimant mentioned within his claim application is not a valid cause, and the insurance company does not consider it, thereby repudiating the claim.

Example of claim repudiation

Let us assume that Mr. Joseph has bought a motor insurance policy. A few years later, he meets with an accident while being under the influence of alcohol.

The motor insurance company will immediately repudiate his claim as it was clearly mentioned that no claims will be entertained if the policyholder meets with an accident under the influence of alcohol.

Thus the claim will not even be considered, and will be repudiated at once due to violation of policy terms.

Meaning of claim rejection

A claim rejection is when the cause of loss is valid, but the claim is rejected based on other factors. Common factors that lead to rejection are:

Falsifications by claimant
Improper documentation
Violation of company policy
Intentional mischief
Incomplete documentation
Delay in claim application

As mentioned in the article, there is a fine difference between claim rejection and claim repudiation. The general public should be aware of these finer differences, and always ensure that they go through the policy bond thoroughly with a fine-tooth comb at least once.

Also, please ask your insurance agent in case there are any doubts that are raised due to insurance lingo. It is their responsibility to clear all policy related doubts.

Understanding your car insurance claims process

Types of insurance claims

How to claim car insurance?

Claims process in Insurance

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Frequently asked questions about claim repudiation

Yes, a policyholder can approach The Insurance Ombudsman Office and lodge an appeal.

Intentional mischief
Falsification by claimant
Violation of company policy
Incomplete documentation
Delay in claim application
Improper documentation

No, an insurance company cannot reject or repudiate a claim once the insurance policy is 3 years old.

Insurance

What is IIISLA? (Meaning, Role, Surveyor list and more)

Post author By parastar
Post date August 16, 2022

Here's your answer:

IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. It is the primary regulator of insurance surveyors in India. Further, The IIISLA also has primary roles in training and educating insurance surveyors in India.

What is IIISLA? (Meaning, Role, Surveyor list, and more)

So, are you looking to get an in-depth understanding of what IIISLA is? You’ve come to the right place. This article will provide you with an easy-to-understand and holistic understanding of the role and meaning of IIISLA.

Topics discussed:

What is IIISLA?
What is the role of IIISLA?
IIISLA surveyor list
IIISLA contact details

What is IIISLA?

IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. Every insurance company needs to appoint official surveyors. Once there is a claim made by the policyholder, it is the surveyors’ task to examine and validate that claim.

Once the claim is validated, the surveyor makes a detailed claim report and submits it to the insurance company. After this, the insurance company will decide on claim disbursement of the claimant.

What is the role of IIISLA?

Let us list some of the most pertinent roles and objectives of the IIISLA below:

To regulate insurance surveyors.
To provide quality education to registered insurance surveyors.
To provide timely and intensive training to insurance surveyors.
To engage in research that aids in the betterment of the quality of surveying.
To validate and examine the claims of the claimants and provide a detailed claim report to the insurance company.
To enforce a code of ethics within the surveyor community.
To engage in regular examinations to ensure that the skills of surveyors are up to date.
To ensure that trust is maintained within the insurance sector.

IIISLA surveyor list

Now, since you have understood the role and meaning of IIISLA, it is likely that you would want to find out if your company’s surveyor is actually an authorized and registered surveyor affiliated with The IIISLA.
How can you know if a surveyor is registered under IIISLA? The IIISLA maintains an up-to-date list of all registered surveyors on its website.

You can visit the official IIISLA Find a Surveyor tool and enter the relevant details and see if your surveyor is registered or not.

Here, you can see a complete list of all IIISLA surveyors in the city of Mumbai. Similarly, you can see all registered surveyors Pan-India.

IIISLA contact details

Particulars	Details
Phone number	040 – 23261072 / 23261073
Email ID	admin@iiisla.co.in
Address	# 6-1-73, Off No.104 & 106 First Floor, Saeed Plaza, Lakdikapool, Hyderabad – 500 004. Telangana, India.

Source

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IIISLA Headquarters

Frequently asked questions about IIISLA

The IIISLA was formed on 4th October 2005.

Mr. Lalit Gupta (As of 2022)

040 - 23261072 / 23261073

Insurance

What does DOGH mean in insurance?

Post author By parastar
Post date August 15, 2022

What does DOGH mean in insurance?

DOGH stands for “Declaration of good health.” When an insurance company issues a health or life insurance policy it asks the policyholder to sign an undertaking that states that he or she is of sound mental and physical health.

This undertaking is generally present within the policy application form and the policyholder must read the DOGH undertaking carefully while signing.

Why is a DOGH undertaking necessary?

A DOGH undertaking is necessary for ensuring the following:

That the policyholder is not suffering from any major disorder that he has not disclosed to the insurance company.
That the policyholder is not and does not intent to engage in any hazardous activities that might endanger himself.
Certain declarations may also ask the policyholder to declare that they have not been incarcerated.
It creates a legally standing document that can be used by the insurance company to dismiss claims if they are falsified.
It protects the insurance company against falsified claims. This ensures that the insurance money is disbursed within truthful claimants, and not claimants that make falsities with the intention to mislead the insurance company.

It is extremely important to be completely transparent with your insurance company about your medical history, current health, or any other important detail. One must never falsify in any capacity with the insurance company. Not only is it unethical but it may also result in rejection of your claim and termination of policy.

The Insurance Act 1938 provides various protections to insurance companies in case policyholders make false statements with the intention to mislead the company.

Further, it should also be noted that the insurance company will most likely still provide you coverage even if you are suffering from a pre-existing condition or have a medical history. The coverage will be provided subject to a marginal increase in insurance premium along with a rider that states that the company will start servicing pre-existing diseases after a period of 2-4 years.

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What is the meaning of an appointee in insurance?

What is a Nominee in Insurance? (Meaning, Benefits and more)

Insurance Act 1938

Frequently asked questions about DOGH.

Yes, and DOGH is usually a part of the application form.

If you dishonor the DOGH, the insurance company may decline your claim, and even terminate your policy.

Yes, the insurance company will most likely provide coverage, but at extra charge and a 2-4 year waiting period for pre-existing conditions.

So, you want to know if buying travel insurance in mandatory?...

Here's your answer:

Is travel insurance mandatory? (Top 2 points to consider)

Popular countries where travel insurance in mandated (As of 2022)

Travel insurance inclusions and exclusions

Experience the power of Artificial Intelligence (A.I)

Top 5 insurance trends across the world (An Infographic)

Experience the power of Artificial Intelligence (A.I)

Top 3 ways you can raise a complaint with the IRDA

IRDA IGMS

Personally visit the IRDA office

Call or Email IRDA

Experience the power of Artificial Intelligence (A.I)

Top 4 facts about home insurance in India (An Infographic)

Experience the power of Artificial Intelligence (A.I)

Top 5 Applications of Blockchain in Insurance (An Infographic)

Experience the power of Artificial Intelligence (A.I)

Top 5 wacky facts about insurance (Infographic)

Experience the power of Artificial Intelligence (A.I)

Learn about The History of Insurance (Infographic)

Experience the power of Artificial Intelligence (A.I)

What is the difference between claim repudiation & claim rejection?

Meaning of claim repudiation

Example of claim repudiation

Meaning of claim rejection

Experience the power of Artificial Intelligence (A.I)

Here's your answer:

What is IIISLA? (Meaning, Role, Surveyor list, and more)

What is IIISLA?

What is the role of IIISLA?

IIISLA surveyor list

IIISLA contact details

Experience the power of Artificial Intelligence (A.I)

IIISLA Headquarters

What does DOGH mean in insurance?

Why is a DOGH undertaking necessary?

Experience the power of Artificial Intelligence (A.I)

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