KALYAN CITY LIFE

1. Insurer

The company which issues insurance policy is called insurer. Insurance company is also called assurer or underwriter. Insurer agrees to pay compensation on the happening of uncertain and unfortunate event.

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2. Insured

The person who is protected against uncertain losses and who is paid a compensation by the insurance company is called insured or assured. He is a person in whose favour insurance policy in issued. He is also called a policyholder.

Understanding Principles of Insurance

The main objective of every insurance contract is to give financial security and protection to the insured from any future uncertainties. Insured must never ever try to misuse this safe financial cover.

Seeking profit opportunities by reporting false occurrences violates the terms and conditions of an insurance contract. This breaks trust, results in breaching of a contract and invites legal penalties.

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An insurer must always investigate any doubtable insurance claims. It is also a duty of the insurer to accept and approve all genuine insurance claims made, as early as possible without any further delays and annoying hindrances.