Curing Insurance Phobia
THE INSURANCE TIMES|September 2024
In my last article, "Insurance Phobia" published in the "Insurance Times", I enumerated various aspects of why people are afraid of insuring as they feel that insurance is not a transaction worth spending money on for reimbursement of unfortunate loss. They say that they go on insuring but no claims are made.
Vazir Ahmed Khan
Curing Insurance Phobia

In my last article, "Insurance Phobia" published in the "Insurance Times", I enumerated various aspects of why people are afraid of insuring as they feel that insurance is not a transaction worth spending money on for reimbursement of unfortunate loss. They say that they go on insuring but no claims are made. Some say that the loss suffered by them is not reimbursed to their satisfaction. But there is no limit to satisfaction.

Truly enough, the insurance people are at fault for failing to educate people, which leads them to say, "Insurance is to help make profits." But the aspiring agent for commission says that "All losses will be paid." This creates confusion if the party is told from the beginning that insurance is not for making profits but for the reimbursement of loss as per the terms and conditions of the policy. The insurer must be told to go through the policy in the beginning itself, so the insurance always mentions on the docket of the policy to advise to go through the policy in the beginning itself.

So the insurance always mentions on the docket of the policy to advise going through the policy at the beginning. The proposal form, which is supposed to be filled in and signed by the insured, contains various questions that form the basis of the contract on which rating is done. But, unfortunately, this is often taken lightly by the signatory, and the agent himself fills up the proposal and signs as simply as a love letter. This creates a problem. For instance, a health insurance claim was rejected as the insured was suffering from hypertension in the past, and this fact was revealed by his old mother to the doctor. The doctor recorded it in his report, and the insurer rejected the claim as a lack of good faith.

هذه القصة مأخوذة من طبعة September 2024 من THE INSURANCE TIMES.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة September 2024 من THE INSURANCE TIMES.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE INSURANCE TIMES مشاهدة الكل
"We concentrate on climate risk and adaptation, climate change mitigation and inclusive insurance which complements Munich Re's sustainability agenda. This has been the case from the beginning and has not changed."
THE INSURANCE TIMES

"We concentrate on climate risk and adaptation, climate change mitigation and inclusive insurance which complements Munich Re's sustainability agenda. This has been the case from the beginning and has not changed."

Q1: The Munich Re Foundation was established in 2005 to mark the 125th anniversary of Munich Re. Could you elaborate on the mission of the Foundation and how it has evolved over the years?

time-read
8 mins  |
October 2024
IRDAI Corner
THE INSURANCE TIMES

IRDAI Corner

The Insurance Regulatory and Development Authority of India (IRDAI) as part of steps towards reinforcing empowerment of policyholders has issued Master Circular on Protection of Policyholdersi¦ Interests under the IRDAI (Protection of Policyholdersi¦ Interests, Operations, and Allied Matters of Insurers) Regulations, 2024 replacing 30 circulars.

time-read
4 mins  |
October 2024
Insurance Caselaws
THE INSURANCE TIMES

Insurance Caselaws

The Supreme Court disagreed with the National Consumer Disputes Redressal Commission's (NCDRC) ruling in an appeal contesting an NCDRC ruling.

time-read
2 mins  |
October 2024
Legal Update
THE INSURANCE TIMES

Legal Update

J&J told to pay Rs. 35L each as compensation to hip implant victims

time-read
5 mins  |
October 2024
New Product Launches
THE INSURANCE TIMES

New Product Launches

Star Health and Policybazaar Launch 'SUPER STAR': A Modular Long-term Health Insurance Plan

time-read
2 mins  |
October 2024
Pension to Elderly Women- A step towards dignified grey years
THE INSURANCE TIMES

Pension to Elderly Women- A step towards dignified grey years

The problem of old age is more severely felt by the women because of their being financially dependent either on the spouse or on children. Ignoring the issues concerning elderly women poses a major social development challenge for the country.

time-read
10+ mins  |
October 2024
The Why and How of Hyperpersonalization in Insurance
THE INSURANCE TIMES

The Why and How of Hyperpersonalization in Insurance

A case study by McKinsey predicted 5-15% increase in revenue and 10-30% increase in marketingspend efficiency through personalized product recommendations. Another study reported that 78% of insurance executives believe personalized service based on real-time data analytics will be a crucial differentiator in the industry.

time-read
4 mins  |
October 2024
Oxygen Mask for Suffocating Patients
THE INSURANCE TIMES

Oxygen Mask for Suffocating Patients

The clouds of COVID menace have not yet vanished, Yet there is emergence of several associated diseases. The major loss was due to insufficiency of oxygen to the dying patients despite WHO giving several instructions for prevention of COVID like maintaining social distance and usage of mask.....

time-read
2 mins  |
October 2024
Inclusive Insurance Global Landscape: Summary of recent studies -
THE INSURANCE TIMES

Inclusive Insurance Global Landscape: Summary of recent studies -

A report from the Microinsurance Network reveals that inclusive insurance is making strides, but challenges remain in terms of scale and reach. The report finds that 330 million individuals are covered globally by inclusive insurance products, including health, agriculture, and property insurance. However, despite these advancements, there is still an 88.5% protection gap-only 11.5% of the potential market is currently insured.

time-read
6 mins  |
October 2024
Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations
THE INSURANCE TIMES

Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations

Access to affordable healthcare remains a critical challenge for low-income and informal sector workers worldwide. With rising healthcare costs and the lack of financial safety nets, millions of people are forced into poverty each year due to medical expenses.

time-read
6 mins  |
October 2024