FAQs on Insurance Companies

FAQs on Insurance Companies

Who is the largest insurance company?

UnitedHealth Group Incorporated

What are the factors that affect life insurance premium?

Several factors determine the premium of an life insurance policy, such as your age, gender, health condition, income, lifestyle, and profession. Also, claim-free years can help in reducing insurance premium for certain types of insurance policies.

What is the waiting period under insurance policies?

Waiting period refers to the period for which an insurance policyholder must wait before the insurance coverage comes into effect. He/she may not receive insurance benefits for claims filed before the waiting period is over or untill the insurance coverage begins.

Also, this period varies from one type of insurance policy to another.

Why do I need to insurance policy renewal?

The insurance policies needs timely renewal to offer continued benefits to the policyholder. They are renewable within the grace period post the expiry date and may get lapse if the premium is not paid timely.

Also, the insurance company is entitled not to offer coverage for the period for which no premium is received.

How many claims can I file under my insurance policy?

You are allowed to make a certain number of claims only basis the type of insurance you have bought. Also under policies like health and motor you can get a bonus/discount in the next year for not filing claims under the policy in a year.

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