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What, When & Why...
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Posted by : fauzan
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- What is the difference between "cancellation" and "non-renewal" of a policy?
a personal automobile policy must remain in effect for a required one year policy period. If an insurer decides not to renew the policy at the expiration of this period, this is a "non-renewal". However, if the insurer terminates the policy at any other time (which can only be done under limited circumstances), this is a "cancellation".
- What is a "deductible"?
A deductible is an amount that you agree to be responsible for in the event of a loss under the physical damage coverage of your policy. Deductibles are offered on some coverage to give insured’s flexibility in the cost of insurance and the amounts they wish to be responsible for. You may reduce your auto insurance costs by raising the deductibles on physical damage coverage. You should review the amount of the deductibles you now carry on these coverage to determine whether it makes sense for you to absorb a larger portion of your loss in the event of an accident, in return for a lower premium charge
- When should I have motor insurance?
You must be insured if you use a vehicle on a road or other public place.
- Why do I need motor insurance?
Motor insurance is required to ensure that anyone who is injured or suffers damage to property can seek financial compensation
- What is Underwriting?
Underwriting of a risk involves the consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so, at what rate of premium.
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