Insurance Verifier

PLPD stands for ‘personal liability and property damage’. Personal liability covers when an individual cause injury to others in an accident while property damage is done when any property get damaged. In both, the injured party or third party will claim for insurance money from the insurance company of the offender.

Deductible is one of the several types of clause that are used by the insurance company as a threshold for policy payment for health insurance or travel insurance. Deductible is a decided amount that you have to pay from your pocket while claiming theinsurance. For example, you have a deductible of $500,and you haveinsurance coverage for $2000, then you are responsible for paying for $500 and the remaining amount $1500 will be paid by insurance company.

‘Contestable period’ is usually 1 or 2 years, during which the insurance company holds all the right to investigate the policy and decide whether to pay or not to pay to the insurer.

If it is not a long duration that you have bought the policy then you can replace the policy. But in other case it is not advisable as you will lose all the benefits on the previous policy also the premium will go high as you go older. Also, the two year period of contestability will also begin again.

‘Group life insurance’ is a single policy that covers an entire group. Such policy is taken by an employer for the bigger organization to cover their employee, as an individual policy holder, it may cost more than a group policy.

Series of payments paid to you until you pass away. Types of annuity include immediate annuity or deferred annuity.

‘Additional Insured’ is the status associated mainly with property insurance and liability insurance. The additional insurer will be protected under the main policy holder. For example a vehicle insurance policy which covers all the members of family and not only the owner.

In home insurance coverage, ‘All perils’ protects you from the widest range of risks besides common risks while ‘Specified perils’ will give coverage only for the common risks, that is listed in your policy.

Yes, it is possible to convert as far as you are having a convertible life insurance policy. But there is a deadline that has to be taken care of, for converting term life insurance into permanent life insurance. Also, your premium will rise soon you convert your policy.

It is possible to claim, if the beneficiary has court declaration that says that the insured person is missing or legally dead (disappeared for more than 7 years).

Being a team player is getting more and more important in today's specialized world. It is imperative that you convince your interviewers that you are and have been a good team player throughout your career. If you take part in any kind of team sports, take this opportunity to tell your interviewers about it. The same should be done if you are part of a theater group or any other team for that matter.

In case of fire or natural calamities, if your house is completely damaged and if you want to claim your personal property to insurance company, inventory list is very important. The insurance company will only pay you for those items where you are able to show the evidence that the damaged items belong to you. So, it is advisable to keep a list of inventory in a safe place.

Surrender Value is the amount when you stop paying the premium and withdraw the entire amount. The policy ceases as soon as you withdraw the money, and the insured will lose out all the returns on it.

There are three main types of policies which you can buy to protect your home:

☛ Basic fire policy

☛ House owner policy

☛ House holder policy

A rider is a supplement attached to the basic insurance plan such as endowment or whole life.

Generally, the benefits on the life insurance policy are tax free and the beneficiary is not liable to pay any tax after the death of the policy holder. But if you are changing your beneficiary for monetary gain or other purposes then the beneficiary has to pay tax on it.

General Insurance is basically an insurance policy that protects you from losses and damages other than covered by life insurance. For example it covers

☛ a) Personal property such as car or house

☛ b) Accident and health Insurance

☛ c) Liability Insurance – legal Liabilities

☛ d) Property against natural calamities like flood, fire, earthquake etc.

☛ e) Burglary and theft

☛ f) Coverage on transport vehicles carrying goods like Cargo Ship

☛ g) Coverage against machinery breakdown

☛ h) Travel

It is the amount to be paid for a contract of insurance to the insurance company. It is the sum that a person pays monthly, quarterly or annually according to their plan, in return of the coverage he/she has taken from the insurance company.

If your policy has Additional Living Expenses coverage, then sure the insurance company will pay you additional expense that you require, to maintain your normal standard of living.

This is your interviewer's way of knowing about two things. Firstly, he or she wants to know how dedicated you are towards your career; and also how realistic. There is a huge difference between being ambitious and over ambitious, so keep your answers practical and attainable, but they should in no way project you as a hare. Secondly, your interviewer wants to know how the company will benefit from you achieving your goals than what you'll get from it, but it is one and the same thing, to a large extent. It is a bad idea to tell your potential employer that you plan to go for his or her job, but it is okay to mention that you'd like to earn a senior or management position.