1 Introduction

Insurance is a means of protection from financial loss.

It is a form of risk management, primarily used to
hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an

insurer, insurance company, insurance carrier or
underwriter. A person or entity who buys insurance is
known as an insured or as a policyholder. The
insurance transaction involves the insured assuming a
guaranteed and known relatively small loss in the form
of payment to the insurer in exchange for the insurer's
promise to compensate the insured in the event of a
covered loss. The loss may or may not be financial, but
it must be reducible to financial terms, and usually
involves something in which the insured has an
insurable interest established by ownership,
possession, or pre-existing relationship.

The insured receives a contract, called the insurance

policy, which details the conditions and circumstances
under which the insurer will compensate the insured.
The amount of money charged by the insurer to the
policyholder for the coverage set forth in the insurance
policy is called the premium. If the insured experiences
a loss which is potentially covered by the insurance
policy, the insured submits a claim to the insurer for
processing by a claims adjuster. The insurer may hedge
its own risk by taking out reinsurance, whereby
another insurance company agrees to carry some of
the risk, especially if the primary insurer deems the risk
too large for it to carry. Insurance is a contract
between two parties. One party is the insured and the
other party is the insurer. Insured is the person whose
life or property is insured with the insurer. That is, the
person whose risks are insured is called insured.
Insurer is the insurance company to whom risk is
transferred by the insured. That is, the person who
insures the risk of insured is called insurer. Thus
insurance is a contract between insurer and insured. It
is a contract in which the insurance company
undertakes to indemnify the insured on the happening
of certain event for a payment of consideration. It is a
contract between the insurer and insured under which
the insurer undertakes to compensate the insured for
the loss arising from the risk insured against.
DEFINITIONS: insurance may be defined as a co-
operative form of distributing a certain risk over a
group of persons who are exposed to it

Gosh and Agarwal

1.2 INTRODUCTION TO VEHICLE INSURANCE

Vehicle insurance (also known as car insurance, motor
insurance, or auto insurance) is insurance for cars,
trucks, motorcycles, and other road vehicles. Its
primary use is to provide financial protection against
physical damage or bodily injury resulting from traffic
collisions and against liability that could also arise from
incidents in a vehicle. Vehicle insurance may
additionally offer financial protection against theft of
the vehicle, and against damage to the vehicle
sustained from events other than traffic collisions, such
as keying, weather or natural disasters, and damage
sustained by colliding with stationary objects. The
specific terms of vehicle insurance vary with legal
regulations in each region.
1.3 HISTORY OF VEHICLE INSURANCE
First started in U.K. In 1895 first motor car insurance
was introducing in U.K, In 1899 comprehensive policy
covering accidental damages to the car was introduce,
In 1903 Car& general insurance corp. LTD was
established to transact motor insurance followed by
others cos. In India M.V act was passed in 1939 making
law for compulsory T.P Insurance. It was governed by
tariff till march 2008. Practices of motor insurance in
india follows U.K Market. M.V Act 1939 was replaced
by M.V replaced by M.V Act 1988& was made effective
from 01.07.1989. Widespread use of the motor car
began after the First World War in urban areas. Cars
were relatively fast and dangerous by that stage, yet
there was still no compulsory form of car insurance
anywhere in the world. This meant that injured victims
would seldom get any compensation in an accident,
and drivers often faced considerable costs for damage
to their car and propertyA compulsory car insurance
scheme was first introduced in the United Kingdom
with the Road Traffic Act 1930. This ensured that all
vehicle owners and drivers had to be insured for their
liability for injury or death to third parties whilst their
vehicle was being used on a public road.[1] Germany
enacted similar legislation in 1939 called the "Act on
the Implementation of Compulsory Insurance for
Motor Vehicle Owners. By the end of the First World
War (1918) people were returning from the conflict
with an interest to continue their driving experience.
Even at this stage in time, no compulsory requirement
for motor insurance existed.
1920s’ there were so many motor vehicles on the land
that legislation was almost invisible and in 1930 the
Road Traffic Act 1930 was passed. The intention of the
act, inter alias, was to ensure that funds would be
available to compensate the innocent victims of motor
accidents. This was to be provided by means of
insurance against legal liability to pay damages to
injured persons. The insurance requirement applied to
all users of motor vehicles, except where some special
legal arrangement is in force. Further legislation
followed in the Road Traffic act 1960, the Motor
vehicles Act 1972 and the Road Traffic Act 1974 so that
today insurance must be in force to cover legal liability
to pay damages to any person, including others in the
car, arising out injury. The compulsory insurance
requirement was extended under the Road Traffic Act
1998 to include the owners of property damaged in
road accidents

1.4 NATURE AND SCOPE

A person must have motor insurance before he can
drive his vehicle in a public place. Motor insurance
protects the insured, his vehicle and other motorists
against liability in the event of any accident. It provides
financial compensation to cover any injuries caused to
people or their property.

CHAPTER 2 – REVIEW OF LITERATURE

Research on General Insurance worldwide is much
popular on certain forms of
general Insurance and the researchers neglected few
forms. So for especially on
livestock insurance but an attempt is made in this
research. These earlier studies have
no direct bearing on the subject of research, the
methodology and findings of these
works have been found to be quite useful for the
purpose of this study. This will show
how for this research work will differ from others and
show the uniqueness of this research work.

Bashir Ahmad Joo (2013) made a study entitled,

“Analysis of Financial
Stability of Indian Non Life Insurance Companies”,
reports that World over after
liberalization insurance sector has undergone
significant transformation. This is also
true with Indian insurance market, where insurance
penetration and density is very low
compared to other countries. Therefore, many foreign
insurance companies were lured
to make entry in Indian insurance in order to insulate
positive spread from large
untapped insurance market, mainly by entering into
joint venture with local partners.
Thus Indian insurance market after liberalization was
assaulted by the pressure of
globalization, competition from multinational
insurance companies and lavish
underwriting chase which are seen as threats as well as
opportunities for insurance
companies. However, entry of new players has resulted
into heavy underwriting losses
for Indian public and private insurers. But heavy
underwriting losses had reverse
impact on their solvency margins. In present study, the
Insurance Solvency
International Ltd. (ISI) predictors have been employed
in this study to study the
solvency position of Indian non life insurers. Further,
study highlights the extent of
relationship between various factors and solvency of
non life insurers in India by using
multiple regression analysis. The result of the study has
shown that claim ratio and firm
size have greater impact on solvency position of
insurance companie

Bindiya Kunal Soni and Jigna Trivedi, (2013) “Crop

Insurance: An
Empirical Study on Awareness and Perceptions”,
universally agriculture is perceived
to be synonymous with risk and uncertainty. Crop
insurance is one alternative to
manage risk in yield loss by the farmers. It helps in
stabilization of farm production and
income of the farming community. As such it is a risk
management alternative where
production risk is transferred to another party at a cost
called premium. The ongoing
National Agricultural Insurance Scheme is a good step
forward to insure risk of
millions of farmers whose livelihood depends on the
pattern and distribution of
monsoon rain in India. However, the penetration of
crop insurance is found to be very
less. This study is an attempt to understand the
existing scenario of crop insurance in
India with a special reference to Gujarat. The study
empirically checks upon the
awareness level of farmers in Anand district towards
this product. The paper further
examines the perception of those who have availed or
not availed crop insurance in
various villages of Anand district. The study concludes
with various suggestions for
increasing the awareness level of the farmers for
ensuring better penetration of crop
insurance in Anand district
CHAPTER 3 – RESEARCH AND METHODOHY
This topic is research by secondary method and in
secondary method there are documents such as
government publication, personal, records, books,
computerized database, newspaper, this type of
documents are used for research in secondary method.
*Objectives
The objective of insurance is to financially guard
against unpredictable life occurrences. In short,
when you buy an insurance policy, you make
monthly payments, called premiums, to
purchase protection from monetary
repercussions related to things like accidents,
illness or even death

TYPES OF VEHICLE INSURANCE

1 Liability coverage: Liability coverage is

required in most US states as a legal
requirement to drive a car. Liability insurance
may help cover damages for injuries and
property damage to others for which you
become legally responsible resulting from a
covered accident
2 Collision insurance: Collision insurance may
cover damage to your car after an accident
involving another vehicle and may help to repair
or replace a covered vehicle.

3 Comprehensive insurance: Comprehensive

insurance can provide an extra level of coverage
in the instance of an accident involving another
vehicle. It may help pay for damage to your car
due to incidents besides collisions, including
vandalism, certain weather events and accidents
with animals.

4 Uninsured motorist insurance: Uninsured

motorist insurance can protect you and your car
against uninsured drivers and hit-and-run
accidents. This coverage is often paired with
underinsured motorist insurance

5 Medical payments coverage: Medical costs

following an accident can be very expensive.
Medical payments coverage can help pay
medical costs related to a covered accident,
regardless of who is at fault.
6 Personal injury protection insurance: Personal
injury protection insurance may cover certain
medical expenses and loss of income resulting
from a covered accident. Depending on the
limits of a policy, personal injury protection
could cover as much as 80% of medical and
other expenses stemming from a covered
accident.

7 Gap insurance: Car value can depreciate

quickly, so an auto insurance settlement might
not be enough to cover the cost of a loan. Gap
insurance may help certain drivers cover the
amount owed on a car loan after a total loss or
theft.

8 Towing and labor insurance: Available if you

already have comprehensive car insurance,
towing and labor insurance may reimburse you
for a tow and for the labor costs to repair your
vehicle.

9 Rental reimbursement insurance: Figuring out

how to get around after an accident can be
expensive. Rental reimbursement insurance
helps pay for a rental car if your vehicle cannot
be driven after an accident.

10 Classic car insurance: Classic car insurance

provides specialized coverage designed for the
unique needs of vintage and classic car
collectors. Find out if classic car insurance is
right for you.

If you don’t currently have auto insurance, it’s

crucial to get coverage as soon as possible. Get a
free quote for the types of car insurance listed
above so you're protected from the unexpected.

11 Compulsory Third Party Insurance:

* What is Third Party Insurance?: There are two
quite different kinds of insurance involved in the
damages system. One is Third Party liability
insurance, which is just called liability insurance
by insurance companies and the other one is
first party insurance.

A third party insurance policy is a policy under

which the insurance company agrees to
indemnify the insured person, if he is sued or
held legally liable for injuries or damage done to
a third party. The insured is one party, the
insurance company is the second party, and the
person you (the insured) injure who claims
damages against you is the third party.

In India, under the provisions of the Motor

Vehicles Act, 1988, it is mandatory that every
vehicle should have a valid Insurance to drive on
the road. Any vehicle used for social, domestic
and pleasure purpose and for the insurer's
business motor purpose should be insured.

Insurance is a contract whereby one party, the

insurer, undertakes in return for a consideration,
the premium , to pay the other, the insured or
assured, a sum of money in the event of the
happening of a , or one of various ,specified
uncertain events.

Insurance developed from the fourteenth

century as a means of spreading huge risks
attendant on early maritime enterprises; life and
fire insurance developed later. The main classes
of insurance are life and other personal
insurance, marine insurance, accident or
property insurance and liability insurance when
the sum becomes payable when legal liability is
incurred as for personal injuries or professional
negligence to another.

Motor third-party insurance or third-party

liability cover, which is sometimes also referred
to as the 'act only' cover, is a statutory
requirement under the Motor Vehicles Act. It is
referred to as a 'third-party' cover since the
beneficiary of the policy is someone other than
the two parties involved in the contract i.e. the
insured and the insurance company. The policy
does not provide any benefit to the insured;
however it covers the insured's legal liability for
death/disability of third party loss or damage to
third party property.

LATE PAYMENT OF INCURANCE CLAIM: Even if

your insurance payment is late by one or two
 days, this may be enough for an insurance
company to temporarily suspend your
insurance. In auto insurance terminology this is
called a lapse in your policy. ... Your insurance
company will also charge you a late fee of
between $8 and $12 per day until you pay.

*COMPANIES PROVIDING VEHICLE INSURANE

1 ICICI Lombard General Insurance Company Limited
2 Bajaj Allianz General Insurance Company Limited
3 Tata AIG General Insurance Company Limited
4. HDFC ERGO General Insurance Company Limited
5 The New India Assurance Co. Ltd.
6 The Oriental Insurance Co. Ltd.
7 Bharti AXA General Insurance Company Ltd.
8 United India Insurance Co. Ltd.
9 Reliance General Insurance Company
10 Universal Sompo General Insurance Company
Limited.
*VEHICLE INSURANCE CLAIM PROCESS

*Car insurance claim for damages to your own car:

1. First and foremost, as the policyholder, you will
have to submit a duly filled in claim form along with
the requisite documents to the insurance company and
inform the insurance company before you send the car
to the garage for any repairs. The forms are available
on the insurers’ websites as well as at their offices.
2. The insurance company will send a surveyor to
assess the damages. The surveyor will prepare a report
and pass it on to the insurer and you will also receive a
copy.
3 .If the damage is severe and requires immediate
attention, then the surveyor will reach the spot of the
accident at the earliest.
4 .Based on the surveyor’s report, you can arrange for
your car to be repaired.
5 .After the work is completed, you will have to take
the duly signed bills and documents from the garage
and submit them to surveyor, who in turn will send it
to the insurance company.
6 .If all the documents are in place, the insurance
provider will reimburse your bills.

*Car insurance claim process for a third party claim

1. If a third party has sent you a legal notice asking for
a claim, do not communicate with the party before
informing your insurance company. Also remember not
to make any financial commitments or out-of-court
settlements before speaking to your insurer first.
2. Submit a copy of the notice to your insurer.
3. You will also have to submit copies of the RC book of
the car, the driving licence and the FIR.
4. The insurer will verify the documents and assess the
accident and if found satisfactory, you will get a lawyer
appointed by them
5. If the court directs you to pay the damages to the
third party thereafter, the insurance company will
directly pay the dues to the third party

*Car insurance claim process for a stolen car

1. First of all, file a complaint with the police and lodge
an FIR.
2. Submit a copy of the FIR to the insurance company.
3. Once you receive the final police report, make a
copy of it and submit it to your insurance provider
4. The insurance company will assign an investigator.
Cooperate with the investigator
5. Wait for the claim to be approved.
6. Once that is done, submit the RC book of your stolen
car to the insurance company. The name of the owner
will then be changed to the insurer’s name.
7. Submit the duplicate keys of the car and also a
subrogation letter. You will also need to submit a
notarized indemnity on a stamp paper.
8. Once all the formalities are completed, the
insurance company will disburse the claim.

*BASIC PRINICIPLES OF VEHICLE INSURANCE

1 Utmost Good faith: Contract of Insurance are
governed by the doctrine of Utmost Good faith. The
doctrine imposes legal obligations on the proposer to
disclose material facts to the insurers. The use of
proposal forms is compulsory and the declaration
clause in the form coverts the common law duty into a
contractual duty of utmost good faith. The important
point to be noted here is that the insurers have to pay
the third parties even though they may be entitled to
avoid or cancel the policy of may have avoided or
cancelled the policy.
2. Insurable Interest: The existence of property
exposed to loss, damage or a potential liability
Such property or liability must be the subject matter of
insurance
The insured must bear a legal relationship to the
subject matter whereby the stands to benefit by the
safety of the property, right, interest or freedom from
liability and stands to loss by any loss damage, injury or
creation of liability.
3. Indemnity: Insurance contracts are contracts of
indemnity, that is to say, the insured is placed after
loss, as far as possible, in the same position as he was
immediately before the loss. This principle ensures that
the insured does not make a profit out of his loss. In
case of repair claims the Indemnity is cost of parts less
depreciation taking into consideration the age of the
vehicle. The depreciation table for the repairs is stated
in the policy which is different from the one for TL/CTL
claims.
4. Subrogation: Subrogation is the transfer of rights
from the insured to the insurer when the loss or
damage to the vehicle is caused by the negligence of
another person. Insurers exercise the right to cover the
loss from the person responsible. Under common law
subrogation operates only after the claim is paid.
5. Proximate Cause: The doctrine of proximate cause
applies to motor insurance as to other classes of
insurance. The loss or damage to the vehicle is
indemnified only if it is proximately caused by any of
the insured perils. The doctrine also applies to third
party claims. The third party injury or damage must be
proximately caused by the use of the vehicle by or on
the instructions of the insured for which he is held
legally liable to pay damages.
*ADVANTAGE OF VEHICLE INSURANCE
1. Assured of repairs and replacement: Car insurance
authority analyses the severity of damage and
concludes whether to repair or replace the spare
parts. Car insurance policy saves your vehicle for
these denoted car damages. This rainy season
might cause more damage to your vehicle due to
bumpy and patchy roads. This damaged road
impacts the mechanical parts of your vehicle.
2. Legal Requirement: Car owner needs a liability
assurance for their new owned car, having a right
insurance policy protects you from legal clause
3. Assured for medical claims: In case of severe
damage to driver or passenger, an individual
cannot bear the heavy medical expenses. Having
an insurance policy assures the medical expenses
are covered to support financial expenses.
4. Protects driver and passenger liability: If there is
any damage to driver and passengers in case of
accidents, your insurance policy covers the
damage expenses. Now you can drive on roads
without any stress due to perks involved in the car
insurance policy. Never be too reckless driving in
back-up with an insurance policy, there are
numerous advantages of car insurance premium.
Know how insurance helps you from unforeseen
damages.

*Disadvantages

1. People instinctively buy the car insurance policy

assuming insurance protects your vehicle. But
there are disadvantages of car insurance policy
 when you opt for the best car insurance policy
online. Insurance representatives hide the
specific clauses, this, in turn, reflects you at the
time of claim settlement.
2. Primary and the major disadvantage of car
insurance is your policy not covers the entire
vehicle. Only the specific parts of the car are
under damage coverage, policyholder needs to
verify hidden clauses in the document keenly
before buying the policy.
3. Most of the insurance companies take a time
frame to settle the claim amount, this is the
problem most of the policyholders are facing.

WARRANTIES AND CONDITIONS : A warranty in an

insurance policy is a promise by the insured party that
statements affecting the validity of the contract are
true. Most insurance contracts require the insured to
make certain warranties. For example, to obtain a
HEALTH INSURANCE policy, an insured party may have
to warrant that he does not suffer from a terminal
disease. If a warranty made by an insured party turns
out to be untrue, the insurer may cancel the policy and
refuse to cover claims. Not all misstatements made by
an insured party give the insurer the right to cancel a
policy or refuse a claim. Only misrepresentations on
conditions and warranties in the contract give an
insurer such rights. To qualify as a condition or
warranty, the statement must be expressly included in
the contract, and the provision must clearly show that
the parties intended that the rights of the insured and
insurer would depend on the truth of the statement.
Warranties in insurance contracts can be divided into
two types: affirmative or promissory. An affirmative
warranty is a statement regarding a fact at the time the
contract was made. A promissory warranty is a
statement about future facts or about facts that will
continue to be true throughout the term of the policy.
An untruthful affirmative warranty makes an insurance
contract void at its inception. If a promissory warranty
becomes true, the insurer may cancel coverage at such
time as the warranty becomes untrue. For example, if
an insured party warrants that property to be covered
by a fire insurance policy will never be used for the
mixing of explosives, the insurer may cancel the policy
if the insured party decides to start mixing explosives
on the property. Warranty provisions should contain
language indicating whether they are affirmative or
promissory. Many states have created laws that protect
insureds from cancellations due to misrepresented
warranties. Courts tend to favor insureds by classifying
indefinite warranties as affirmative. Many state
legislatures have created laws providing that no
misrepresented warranty should cancel an insurance
contract if the MISREPRESENTATION was not
fraudulent and did not increase the risks covered by
the policy.

FUNCTIONS OF INSURANCE
Insurance is defined as a co-operative device to spread
the loss caused by a particular risk over a number of
person who are exposed to it and who agree to ensure
themselves against that risk. Risk is uncertainty of a
financial loss. It should not be confused with the
chance of loss which Is the probable number of losses
out of a given number of exposures.
It should not be confused with peril which is defined as
the cause of loss or with hazard which is a condition
that may increase the chance of loss.
Finally, risk must not be confused with loss itself which
is the unintentional decline in or disappearance of
value arising from a contingency. Whenever there is
uncertainty with respect to a probable loss there is
risk.
Every risk involves the loss of the one or other kind.
The function of insurance is to spread the loss over a
large number of persons who are agreed to co-operate
each at time of loss. The risk cannot be averted but loss
occurring due to a certain risk can be distributed
amongst the agreed persons. They are agreed to share
the loss because the because the chances of loss, i.e
the time , amount to a person are not known.
Anybody of them may suffer loss to a given risk so, the
rest of the persons who are agreed will share the loss.
The larger the number of such persons the easier the
process of distribution of loss, in fact the loss is shared
by them by payment of premium which is calculated on
the probability of loss.
 INSURANCE FRAUD
Insurance fraud is any act committed with the intent to
obtain a fraudulent from an insurance process. This
may occur when a claimant attempts to obtain some
benefits or advantage to which they are not otherwise
entitled, or when an insurer knowingly denies some
benefits that is due. According to the united states
Federal Bureau of Investigation the most common
schemes includes: Premium Diversion Fee Churning
Asset Diversion and workers compensation Fraud. The
perpetration in these schemes can be both insurance
claims filed with the intent to defraud an insurance
provider.

Insurance fraud has existed since the beginning of

insurance as a commercial enterprise. Fraudulent
claims account for a significant portion of all claims
received by insurers, and cost bilions of dollars
annually. Types of insurance fraud are diverse, and
occur in all areas of insurance. Insurance crimes also
range in severity. From slightly exaggerating claims to
deliberately causing accidents or damage. Fraudulent
activities affect the lives of innocent people, both
directly thought accident or intentional injury as
damage, and indirectly as these crimes cause
insurance premiums to be higher. Insurance fraud
poses a significant problem, and governments and
other organization make efforts to deter such activites.

CAUSES
The “ chief motive in all insurance crimes is financial
profits. Insurance contracts provide both the insured
and the insurer with opportunities for exploitation.
According to the Coalition Against insurance Fraud, the
causes vary, but are usually centered on greed, and on
holes in the protection against fraud. Often those who
want commit insurance fraud views it as a low risk.
Another reason for fraud is over- insurance, when the
amount is greater than the actual value of the property
insured. This condition can be very difficult to avoid,
especially since an insurance provider might
sometimes encourage it in order obtain greater profits.
This allows fraudsters to make profits by destroying
their property because the payment they receive from
their insures is of greater value than the property they
destroy. Insurance companies are also susceptible to
fraud because its possible for fraudster to file claims
for the damges that never occurred.
INSURANCE AGENT
An insurance agent is a person or an entity that
represents of the interest of the insurer. According to
the current rules, an agent or corporate agent such as
a bank cant represent more than one insurance
company.
Since the insurer, also called the principal cant reach
out to all customers individually, he hires agents to do
this job. Agents are trained and licenced entities, so it’s
expected they understand financial needs of customer
and sell product that best suits customer interest.
Often that’s not the case. And agents they are not
accountable for the advice they give you, but the
principal or the insurance company is. So you can take
the insurance company to court or to insurance
Regulatory and development Authority for wrong
advice but not the agent. The insurer in turn can
reprimand the agent by cancelling his licence.
 INSURANCE BROKERS
But you can drag an insurance broker to court. That’s
because a broker is the customers agent. A broker is
also a licenced and trained entity but with a different
mandate. The job of the broker is not to represent the
insurer but customers. Brokers have a fiduciary
responsibility towards the customer. A fiduciary legally
promise you to keep your interest paramount. So as
brokers they understand your needs and browse
through several insurers to get you the best- fit
product.
You can take your broker to the court in case he fails to
do his duties. You can also approach Irda who can
cancel the broker’s licence if found guilty. The idea
behind making banks insurance.
WHAT ARE DUTIES OF INSURANCE AGENTS
Leach Generation
As a saleperson, normally paid on commission the
insurance agent has the duty of generating leads for
insurance. This may include placing ads in a local
newspaper or website, going top community events
making cold calls and buying contact lists. Once he gets
names and numbers. Of prospects, he makes an initial
call to talk about policy needs or set up face to face
meeting with the prospect.
Interview
During an initial phone conversation or meeting with a
prospect, an insurance agent asks question and listens
to information on the prospects reads. He tries to
assets the buyers situation to figure out which types of
insurances and policy terms make the most sense.
Coverage needs, amount ,payments preferences and
budget are among the basis items discussed during this
initial meeting .
Sales
Like other sales professionals, insurance agents must
be skilled in the art of persuasion once he understands
the needs of a prospect, he can look over product
option to see what is the best match. He then makes a
recommendation to the prospect. While trying to
influence the prospect, it is important to take a long
term orientation. Many insurance agents sell a lot of
policies and hope to get continued business from new
customers including annual policy renewals. This
requires honesty and a customer-contered approach .
SERVICE
Larger insurance providers often have call centers or
supports teams that deal with basis customer service
question and claims. However, independent agents
and even those in offices with larger provides typically
function as the first point of service contact. If a
customer has a question about coverage or a claims,
he often calls his agent to discuses option or to get
information. He may also call to cancel policies or to
make additions or revisions to coverage.

POLICY HOLDER
Entity that owns an insurance policy and has the right
to exercise all privileges under the contract of
insurance, expect where restricted by the right of an
assignee . A policyholder may or may not be the
insured, or the sole or one of the beneficiaries of the
policy also called policy owner.

Five rights you have as an insurance policy holder

1. policy holders can cancel the insurance policy
within 15 days from the date of receipt of the
 policy documents if they do not agree with the
terms and condition stated in the policy.
2. Ulip holders have the right to withdraw their
investment partially. They can also switch funds is
an Ulip from one plan to another without any
restriction or additional costs.
3. A policy can be surrendered after the end of the
prescribed lock-in period from the date of
commencement of the policy.
4. Term of the policy can be increased or decreased
by the policy holder. The sum assured can also be
increased however these changes may impact the
amount of premium payable.
5. Policy holder can modify the mode of premium
payment and switch from cheques to direct debit
or through ECS instructions to their bank.