Insurance Policy Definition

Insurance Policy Definition

What is an insurance policy? In insurance, a policy is a contract between the insurer and the insured. This determines the claims which the insurer is legally required to pay. In exchange for an initial payment which is also known as the premium. The insurer promises to pay for loss caused by perils covered under the policy. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. The insurance policy is usually an integrated…

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Auto & General Insurance

Auto & General Insurance

Auto & General insurance continues to affirm its footing as a formidable leader in South Africa’s competitive short term insurance industry. The revolutionary streak continues with commitment to service excellence whilst retaining the core values that have positioned auto & general as a leader in the South African insurance industry. The company offers a wide variety of insurance policies from home insurance, vehicle insurance through life insurance. The company is well recognised for it’s fast and reliable service, while being affordable. Carinfo.co.za has also declared…

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Endowment-Policy

Endowment Policy

How does and endowment policy work? Endowment policies typically have a minimum five-year term and they can go up  to 20 years or a certain age limit. An endowment policy is legally required to have a minimum five-year term. This applies to: The first five years of the policy, or Five years from the first day of any month during which the ‘120% rule’ takes effect. The 120% rule takes effect when your contributions in any policy year are greater than 120% of the higher…

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House-and-Home-Insurance

House and Home insurance

House Insurance Also known as Home Owners Insurance. This insurance is designed to cover the building, which is a private dwelling its outbuildings, walls, gates, swimming pools and tennis courts. Building insurance usually covers fire, wind, and water and storm damage to the building. Most insurers would also cover damage and / or burst geysers. The property is insured on the current re-building rates. The sum insured must also include further expenses that might be incurred, such as the costs for the fire brigade, rubble…

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Business-Car-Insurance

Business Car Insurance

What is business car insurance? Workers who drive their own vehicles for the purposes of their profession would be better off  to pay for business car insurance rather than a standard policy that only covers them for personal  use. Business protection will cover a whole range of uses, such as travelling between different work locations, visiting customers or using your own vehicle to give lifts to other employees. Anything that you do with your vehicle on behalf of the company will be covered. Business Car…

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The 3 Types of Life Insurance

The 3 Types of Life Insurance: Here we will help you to find the perfect life insurance. It is essential that you take a look at the different types of life insurance policies to make the perfect choice. Like they always say, “Knowledge is power.” What better power than the information you use to make your own choices? What are the 3 types of Life Insurance ? Term Life Insurance A term life insurance policy covers you for a set, predetermined period of time. It…

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Office-Insurance1

Office Insurance

What is office insurance? Office insurance is for your business. Even if you operate from home, you will need office insurance to cover your business’s equipment because the dangers associated with offices are different to those of homes. Office insurance is not a standalone policy, but a portfolio of complementary insurance policies ranging from business contents to stock cover. Types of office insurance: Office contents insurance A business contents insurance policy will cover the contents of the office, such as computers, desks, chairs and other…

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Business-Interruption-Insurance

Business Interruption Insurance

What is business interruption insurance ? Business interruption insurance covers the loss of income that a business suffers after a disaster while its facility is either closed because of the disaster or in the process of being rebuilt after it. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that the business would have  earned. This extra policy provision is applicable to all types of businesses, as it is…

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Hospital Plan

What is a hospital plan? A Hospital Plan is not a medical aid, but it pays out a fixed amount for each day your are in hospital. The money you receive can help to cover some of your expenses while you are hospitalised. Your expenses may be to pay school fees or to cover your medical medical expenses while you are in hospital. Some points to consider when you think about acquiring a hospital plan: Are you tired of paying thousands of rands to be…

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Consumer Help And Information

Why do you need consumer help and information services? All citizens who wish to use any form of insurance would only benefit from the knowledge that these institutions provide. Any and all illegal activity and complaints can be investigated to ensure that our insurance industry stays legitimate and crime-free. Short-term insurance: The Short-term Insurance Ombudsman investigates complaints from the public against short-term insurers that are members of the Ombudsman for Short-term Insurance Association. You should, however, first complain to the insurer or broker concerned. Website:…

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