Sat, 26 May 2012 06:36:53 +0500WeeblyMon, 09 Apr 2012 21:42:05 +0500http://www.suminsure.com/1/post/2012/04/all-about-insuring-your-dream-home.html. What is Home Insurance? Home insurance, also called home-owner / house-holder insurance is a means by which you can protect the structure of your home and also your precious belongings from perils such as fire, earthquakes, storms or floods (commonly referred to as STFI perils i.e. Storm, Tempest, Flood or Inundation perils), bursting or overflowing of pipes, and other calamities. It also can cover your valuable personal property such as electronics, jewellery, art and so on from burglary / theft and others.

2. Why do I need home insurance? These things sound unlikely to happen to me considering where I live.

Think of it this way. You've spent lakhs or crores on your home in terms of money to buy it and then maybe even do it up. You've put a lot of your hard earned money into beautification of the home, buying white goods, maybe putting up art too. If something happens like a flood, a pipe bursting, a fire, an earthquake or any such calamity, within a few seconds or minutes, your wealth can be damaged or destroyed. This insurance will protect your wealth by reimbursing you for damages incurred through any such insured calamity.

3.  What about terrorism? What are the riders or additional policies I might need to consider?

Yes it can cover damage through acts of terrorism, through an optional cover like a rider, with most insurance companies. Some companies cover art, electronics and white goods also through other insurance policies or riders, and not under overall home insurance. Depending on what you need and which insurance company you opt for, different secondary items will be covered.

4. What kind of situations does home-owner insurance not cover?

Things such as willful property destruction of either the structure of your home or the belongings in it, damage or destruction caused by war or invasion, damage caused by radioactive contamination from nuclear fuel exposure, some companies don't cover art or bullion, destruction or damage from regular wear and tear in the home, or impact damage caused by the insured person.


5. How is the sum insured going to be calculated?

The sum insured is calculated separately for the home i.e. the structure of the home, and for its contents. Sum insured for your home will be calculated on the basis of something called Reconstruction Value, while the contents of your home i.e. the durables will be covered on the basis of their market value, after taking into account depreciation. You will also apply for a certain amount of insurance, which will take into consideration the Reconstruction Value.

6. What is Reconstruction Value?

To put it simply, it is the value of the home i.e. how much it would cost if it were to be reconstructed in case of any damage / destruction. It is the value of the built up area multiplied by the construction rate per square foot. This will likely be lower than what you actually paid to buy the home. It is also called Replacement / Reinstatement Value. It includes the value of the plinth and foundation, but not the value of buying the land. This is as per Standard Procedure.

7. If my home gets damaged and I place a claim, how will it be assessed and paid out?

Once you file your claim, the insurance company will appoint a Surveyor. The Surveyor will come to your home to assess the damage, and based on his assessment, the insurance company will dispatch a cheque to you. You can then carry out the repairs with this pay-out from the insurance company.


8. What if I need to appoint an architect to reconstruct my home, is this covered under the Policy?

Most companies do cover architect fees but ofcourse this will be subject to a limit. For example, some companies limit this amount to 3% of the claimed amount, which is quite low if you hire an expensive architect. Hence you can consider that part of the fees will be paid by you. Keep this point in mind when hiring an architect to redo your home.

9. If I work out of my home i.e. I use it for business or profession, can I insure it?

No you can't insure a home that is used for anything other than residential purposes under a home-owner's policy.

10. What are things I should keep in mind before buying a policy?

Different policies have different inclusions and exclusions. Some of the exclusions are quite tricky.

• For example, a door without a frame, such as a glass door with hinges, cannot be insured.
• If an appliance is more than 7 years old, it will not be covered.
• If a tree falls on your building and your home or house compound wall is damaged, this is not covered.
• If you insure your home and part of the corridor or common building areas also get damaged say in a fire, they will not be covered under your home-owner's policy, it applies only to the specified areas of your house.

You also need to know things like a First Loss situation, whether your policy covers modular kitchens, what the policy's stand is on Public Liability, Legal Liability, Alternate Accommodation, whether your policy covers items such as your laptop or digital camera, the policy on jewellery cover if you travel for a wedding, and so on.

All of these details are in your Policy Wordings, and they differ from company to company.


Conclusion
As with any insurance taken for protection purposes, home insurance is an excellent thing to do and you must do it. Just the way you insure your health and the health of your family using Mediclaim, and you insure your life with Term Insurance (check out our Human Life Value calculator to see how much term insurance you really require), and your car with vehicle insurance, you should insure your home. After all, it is your most valuable asset. Before taking any insurance policy however, it is incredibly important to go through the policy yourself, don't blindly listen to what your agent or broker tells you. You may find that one policy covers more things for the same premium as another which covers fewer things. Go through the documents yourself very carefully before taking any insurance policy. Also remember, insurance is just one part of your overall financial situation. An expert financial planner can help you take control of your comprehensive financial life.

]]>Fri, 07 Oct 2011 10:00:44 +0500http://www.suminsure.com/1/post/2011/10/list-of-day-care-procedures.htmlThe following are two lists of day care procedures and either of the two is applicable mostly in individual, family floater, group and senior citizen health plans. However the insured person should check from the insurer about the exact list of day care procedures being followed by the company, as there is no common list adopted by all the companies.

List I
Micro surgical Operations on the Middle Ear

1. Stapedotomy
2. Stapedectomy
3. Revision of a stapedectomy
4. Other operations on the auditory ossicles
5. Myringoplasty (Type -I Tympanoplasty)
6. Tympanoplasty (closure of an eardrum perforation/reconstruction of the auditory ossicles)
7. Revision of a tympanoplasty
8. Other microsurgical operations on the middle ear

Other operations on the middle & internal ear

9. Myringotomy
10. Removal of a tympanic drain
11. Incision of the mastoid process and middle ear
12. Mastoidectomy
13. Reconstruction of the middle ear
14. Other excisions of the middle and inner ear
15. Fenestration of the inner ear
16. Revision of a fenestration of the inner ear
17. Incision (opening) and destruction (elimination) of the inner ear
18. Other operations on the middle and inner ear

Operations on the nose & the nasal sinuses

19. Excision and destruction of diseased tissue of the nose
20. Operations on the turbinates (nasal concha)
21. Other operations on the nose
22. Nasal sinus aspiration

Operations on the eyes

23. Incision of tear glands
24. Other operations on the tear ducts
25. Incision of diseased eyelids
26. Excision and destruction of diseased tissue of the eyelid
27. Operations on the canthus and epicanthusv
28. Corrective surgery for entropion and ectropion
29. Corrective surgery for blepharoptosis
30. Removal of a foreign body from the conjunctiva
31. Removal of a foreign body from the cornea
32. Incision of the cornea
33. Operations for pterygium
34. Other operations on the cornea
35. Removal of a foreign body from the lens of the eye
36. Removal of a foreign body from the posterior chamber of the eye
37. Removal of a foreign body from the orbit and eyeball
38. Operation of cataract

Operations on the skin & subcutaneous tissues

39. Incision of a pilonidal sinus
40. Other incisions of the skin and subcutaneous tissues
41. Surgical wound toilet (wound debridement) and removal of diseased tissue of the skin and subcutaneous tissues
42. Local excision of diseased tissue of the skin and subcutaneous tissues
43. Other excisions of the skin and subcutaneous tissues
44. Simple restoration of surface continuity of the skin and subcutaneous tissues
45. Free skin transplantation, donor site
46. Free skin transplantation, recipient site
47. Revision of skin plasty
48. Other restoration and reconstruction of the skin and subcutaneous tissues.
49. Chemosurgery to the skin.
50. Destruction of diseased tissue in the skin and subcutaneous tissues

Operations on the tongue

51. Incision, excision and destruction of diseased tissue of the tongue
52. Partial glossectomy
53. Glossectomy
54. Reconstruction of the tongue
55. Other operations on the tongue

Operations on the salivary glands & salivary ducts

56. Incision and lancing of a salivary gland and a salivary duct
57. Excision of diseased tissue of a salivary gland and a salivary duct
58. Resection of a salivary gland
59. Reconstruction of a salivary gland and a salivary duct
60. Other operations on the salivary glands and salivary ducts

Other operations on the mouth & face

61. External incision and drainage in the region of the mouth, jaw and face
62. Incision of the hard and soft palate
63. Excision and destruction of diseased hard and soft palate
64. Incision, excision and destruction in the mouth
65. Plastic surgery to the floor of the mouth
66. Palatoplasty
67. Other operations in the mouth

Operations on the tonsils & adenoids

68. Transoral incision and drainage of a pharyngeal abscess
69. Tonsillectomy without adenoidectomy
70. Tonsillectomy with adenoidectomy
71. Excision and destruction of a lingual tonsil
72. Other operations on the tonsils and adenoids

Trauma surgery and orthopaedics

73. Incision on bone, septic and aseptic
74. Closed reduction on fracture, luxation or epiphyseolysis with osteosynthesis
75. Suture and other operations on tendons and tendon sheath
76. Reduction of dislocation under GA
77. Arthroscopic knee aspiration

Operations on the breast

78. Incision of the breast
79. Operations on the nipple


Operations on the digestive tract

80. Incision and excision of tissue in the perianal region
81. Surgical treatment of anal fistulas
82. Surgical treatment of haemorrhoids
83. Division of the anal sphincter (sphincterotomy)
84. Other operations on the anus
85. Ultrasound guided aspirations
86. Sclerotherapy etc.13. Operations on the female sexual organs
87. Incision of the ovary
88. Insufflation of the Fallopian tubes
89. Other operations on the Fallopian tube
90. Dilatation of the cervical canal
91. Conisation of the uterine cervix
92. Other operations on the uterine cervix
93. Incision of the uterus (hysterotomy)
94. Therapeutic curettage
95. Culdotomy
96. Incision of the vagina
97. Local excision and destruction of diseased tissue of the vagina and the pouch of Douglas
98. Incision of the vulva
99.Operations on Bartholin’s glands (cyst)

Operations on the prostate & seminal vesicles 

100. Incision of the prostate
101. Transurethral excision and destruction of prostate tissue
102. Transurethral and percutaneous destruction of prostate tissue
103. Open surgical excision and destruction of prostate tissue
104. Radical prostatovesiculectomy
105. Other excision and destruction of prostate tissue
106. Operations on the seminal vesicles
107. Incision and excision of periprostatic tissue
108. Other operations on the prostate

Operations on the scrotum & tunica vaginalis testis

109. Incision of the scrotum and tunica vaginalis testis
110. Operation on a testicular hydrocele
111. Excision and destruction of diseased scrotal tissue
112. Plastic reconstruction of the scrotum and tunica vaginalis testis
113. Other operations on the scrotum and tunica vaginalis testis

Operations on the testes 

114. Incision of the testes
115. Excision and destruction of diseased tissue of the testes
116. Unilateral orchidectomy
117. Bilateral orchidectomy
118. Orchidopexy
119. Abdominal exploration in cryptorchidism
120. Surgical repositioning of an abdominal testis
121. Reconstruction of the testis
122. Implantation, exchange and removal of a testicular prosthesis
123. Other operations on the testis

Operations on the spermatic cord, epididymis und ductus deferens

124. Surgical treatment of a varicocele and a hydrocele of the spermatic Cord
125. Excision in the area of the epididymis
126. Epididymectomy
127. Reconstruction of the spermatic cord
128. Reconstruction of the ductus deferens and epididymis
129. Other operations on the spermatic cord, epididymis and ductus deferens

Operations on the penis

130. Operations on the foreskin
131. Local excision and destruction of diseased tissue of the penis
132. Amputation of the penis
133. Plastic reconstruction of the penis
134. Other operations on the penis

Operations on the urinary system

135. Cystoscopical removal of stones

Other Operations

136. Lithotripsy
137. Coronary angiography
138. Haemodialysis
139. Radiotherapy for Cancer
140. Cancer Chemotherapy

List II
The 24 hours of minimum period is not applicable to specific treatment: Dialysis, Intravenous Chemotherapy, Radiotherapy, Eye surgery, Lithotripsy (Kidney Stone Removal), D & C, Tonsillectomy, Dental surgery due to accident, Hysterectomy, Coronary Angioplasty, Surgery of Gall Bladder, Pancreas and Bile Duct, Surgery of Hernia, Surgery of Hydrocele, Surgery of Prostate, Gastrointestinal Surgery, Genital Surgery, Surgery of Nose, Surgery of Throat, Surgery of Appendix, Surgery of Urinary System, Arthroscopic Knee Surgery, Laparoscopic Therapeutic Surgeries, any surgery under anesthesia, treatment of Fractures/Dislocation excluding hairline fracture, contracture releases and minor reconstructive procedures of limbs which otherwise require hospitalization taken in the hospital/nursing home under the network of TPA and the insured is discharged on the same day. The treatment will be considered under hospitalisation benefit.

Relaxation of 24 hours minimum duration for hospitalization is also applicable:

• If they are carried out in a day care center networked by TPAs where requirement of minimum number of beds are overlooked but it must have (a) fully equipped operation theatre (b) fully qualified day care staff (c) fully qualified surgeons/post operative attending doctors.
• If it necessitates hospitalization and involves specialized infrastructural facilities available only in hospital but due to technological advancement hospitalization is required for less than 24 hours and/or the surgical procedure involved has to be done under general anaesthesia.

]]>Sat, 24 Sep 2011 11:31:36 +0500http://www.suminsure.com/1/post/2011/09/overview-on-insurance.htmlIn law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.



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