What is sum insured in India
A sum insured is the maximum amount that an insurance company will pay in the event of a claim. This term exists to provide a clear understanding of the financial protection offered by an insurance…
Insurance terms explained
Insurance terms explained in plain language by an IRDAI-registered advisory: what the wording says, and what it means for your claim.
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What is a deductible in insurance
A deductible in insurance is a specific amount that the policyholder must pay out of pocket before the insurance company starts paying for a claim. This concept exists to share the risk between the…
Average clause in fire insurance: what underinsurance really costs
Most explanations of the average clause describe a rule that stopped applying to Indian commercial fire policies in 2021. Below Rs 50 crore the cliff sits at 85% of value, not at full value, and the difference decides what a partial loss actually pays.