Saturday, 17 June 2017

Health Insurance Cover Makes The Company’s Process Risk-Free

Insurance has become an integral part of our life. Not only individuals, but also the companies cannot even think for a moment to survive without taking appropriate insurance cover. The individuals take insurance cover to avoid risks of losses to their properties which primarily include cash, gold, cars and house. Individuals also take health insurance cover because the way medical expenses eat up the major part of the income of an individual it is now considered necessary to take some form of insurance cover also. The companies take insurance to cover for the losses it could face in the form of fire, sabotage or theft. A major part of the expense that is incurred in respect of insurance is vital for the company to incur in order to ensure risk less operations.

Insurance Company provides insurance cover for companies and individuals. These insurance brokers in Dubai take premium for the policy holders and in return provide insurance cover through an insurance policy. The insurance policy tenure is usually for a period of one year. However in some case it can be under one year but in no case it should increase or in excess of a period of one year. This is because in some countries it is specifically prohibited to issue a policy of insurance exceeding one year. The policy of insurance can be lower than one year. Companies usually prefer that their insurance cover should be of the same period as their financial period. So when they take a policy halfway through the year they prefer that the policy would be for the remainder of the year. This means that the first policy that they obtain is usually for a period of less than one year. In later years the policy is streamlined and synchronized with the financial year of the company.

Vehicle insurance is obtained by a company for the cars it has offered to their employees. The cars offered are different as per the policy and the status of employees who have obtained the cars. The insurance companies are also willing to accept insurance coverage for such a fleet of car because it would result in earning a huge amount of premium. Corporate customers are ranked over individual customers. The insurance companies try their best to attract and retain such corporate customers in order to have guaranteed premium incomes. Due to a good relationship and the fact that the business of insurance runs on mutual cooperation and trust, insurance company also needs to cater the needs of the company taking insurance. This includes paying the amount of the claim before the maximum time period stated in the policy for payment, paying claims for cars that were not included in the insurance policy timely or when their renewal was not made on a timely basis etc.

Similar to health and assets insurance, the most common and oldest form of insurance is called Term Life insurance. In this mode of insurance the insurer guarantees payment of a huge sum of money to a person or next of kin in the event of their death. The event of death is not necessarily required for getting the premium amount. The person or the insured may get the amount on the expiry of a certain period of time too. The terms and conditions also allow the person to do away with the insurance contract and get their money. However for this purpose it is necessary that the minimum period of time has been spent.


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