What is Insurance ? Insurance is a device which provides financial compensation for the effects of loss or damage caused by operation of the insured risks. Insurance, in modern term, can be defined as a risk transfer mechanism whereby the one who is exposed to risks transfers all or some part of it to an Insurer. The Insurer charges premium as a consideration of his undertaking to compensate the fortuitous loss caused by the insured peril(s).

What are the various types of General Insurance available ? There are various types of general insurance policies to cater for individuals, industries, trade and commerce. To name the few are Household Insurance, Fire and Allied Perils Insurance, Personal Accident Insurance, Burglary and Housebreaking Insurance, Marine Cargo/Transit Insurance, Cash in Safe Insurance, Cash in transit Insurance, Fidelity Guarantee Insurance, Travel Medical Insurance, Medical Insurance, Public Liability Insurance, Aviation Insurance and so on.

How Insurance can be affected ? Anybody wishing to insure has to fill up the proposal form particular to each type of insurance. All other additional quarries about the subject matter of insurance and risks to be covered have to be answered as needed. Then the Insurers fix premium and terms of insurance. The insurance becomes effective once the premium is paid by the insured.

How the sum insured is fixed ? Sums insured of your property should be fixed for insurance to match the market value of the property at the time of loss. In short, sum insured should be adequately fixed to be adequately indemnified if the loss occurs.

Why do insured needs to read and check the Insurance Policy thoroughly ? A policy is a document evidencing the undertaking of the insurer to compensate the loss which may occur by the oeperation of the insured perils. It is important for the insured to go through all terms and conditions of the Insurance Policy to see whetehr they confirm to what the insured needs or whether he is adequately protected.

What is Excess or Deductible mentioned in the policy ? It is the first amount of each and every claim under the policy which the insured is required to bear for himself. This amount is deducted from the total assessed claim before determining insurance company's liability.

Why do Insurance Companies arrange Reinsurance ? Once the risk is transferred from the insured to the insurers, the insurers also seek to further spread the risks by transferring some part of it, after keeping its retention according to the company's financial strength and the degree of exposed risks, to another Reinsurance or Direct Insurance Company. Reinsurance is, therefore, a tool for further spreading the risks by an Insurance Company.

What shall the Insured do if the incident giving rise to a claim under the Policy occur ? The Insured should first of all notify the insurers as quickly as possible but in any case within the time limit specified in the policy. He should also co-operate with the surveyor(s) deputed by the Insurance Company to inspect and make assessment of the loss. He should also submit claim form and all the substantiating documents as required as per the nature of each incidence.

Why School need to take Student Safety Insurance ? This Insurance is for the Safety and benefit of school/college/university students. The scheme covers permanent total disablement due to accident and covers sickness also. The scheme reimburses the fees paid during the period of temporary total disablement.
How Schools can arrange this Insurance? Schools have just to fill up a simple proposal form which contains information about school, number of students and frequency of fees payable etc. On the basis of the information received on proposal form, NecoInsurance issues Policy in the name of school as Assured. The lives Assured would be the students of the school.
How much is the cost for this Insurance ? NecoInsurance has provided this Insurance at reasonable cost of Rs.525 per student per year which includes Personal Accident Insurance as well as Accidental Medical and Sickness cover.
How the premium is payable ? Annual Premium is payable at inception. So, the ideal time of effecting the insurance would be the time of admission (enrollment) of Students in the school.
What is Reinsurance back up of Student's Policy ? NecoInsurance is supported in Reinsurance by Lloyds' Underwriter at London.
What are the benefits of the Policy in monetary terms ? In brief, the scheme provides the following accidental insurance cover. 1. Permanent Total Disablement due to Accident.
	a) Loss of 2 limbs Rs. 200,000 b) Loss of 1 limbs Rs. 100,000 c) Loss of sight of one eye Rs. 100,000 d) Loss of sight of two eyes Rs. 200,000
2. Death due to Accident Rs. 100,000 3. Temporary Total Disablement: If any student is absent for more than 30 days due     to any    accident, the company will reimburse the fees paid till the student is back     to School    (Payable for up to six months maximum of Rs.5,000/-)
4. Accidental Medical Expenses : Payable upto Rs.25,000 during any one year of    Insurance subject to a deductible Rs.100 per event/ claim.
5. Hospitalisation Sickness : Company will reimburse sickness hospitalisation bill upto a
limit of Rs.25,000 subject to 10% deductible each claim.
How does the Scheme help Student/ Parents? Medical treatment are getting expensive these days. Medical expenses benefits of the scheme help students to obtain financial supports in case of accident or illness.
How the Claims are processed ? All Claims have to be reported to the Company's own Call Center within 24 hours of the incidence/hospitalisation followed by the written claim information through school/college. The company will contact concerned hospital to monitor the treatment received by the student.