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Insurance

What is IIISLA? (Meaning, Role, Surveyor list and more)

government office

What is IIISLA? (Meaning, Role, Surveyor list, and more)

So, are you looking to get an in-depth understanding of what IIISLA is? You’ve come to the right place. This article will provide you with an easy-to-understand and holistic understanding of the role and meaning of IIISLA.

Topics discussed:

  • What is IIISLA?
  • What is the role of IIISLA?
  • IIISLA surveyor list
  • IIISLA contact details

What is IIISLA?

IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. Every insurance company needs to appoint official surveyors. Once there is a claim made by the policyholder, it is the surveyors’ task to examine and validate that claim.

Once the claim is validated, the surveyor makes a detailed claim report and submits it to the insurance company. After this, the insurance company will decide on claim disbursement of the claimant.

What is the role of IIISLA?

Let us list some of the most pertinent roles and objectives of the IIISLA below:

  • To regulate insurance surveyors.
  • To provide quality education to registered insurance surveyors.
  • To provide timely and intensive training to insurance surveyors.
  • To engage in research that aids in the betterment of the quality of surveying.
  • To validate and examine the claims of the claimants and provide a detailed claim report to the insurance company.
  • To enforce a code of ethics within the surveyor community.
  • To engage in regular examinations to ensure that the skills of surveyors are up to date.
  • To ensure that trust is maintained within the insurance sector.

IIISLA surveyor list

Now, since you have understood the role and meaning of IIISLA, it is likely that you would want to find out if your company’s surveyor is actually an authorized and registered surveyor affiliated with The IIISLA.
How can you know if a surveyor is registered under IIISLA? The IIISLA maintains an up-to-date list of all registered surveyors on its website.

IIISLA surveyor list tool

You can visit the official IIISLA Find a Surveyor tool and enter the relevant details and see if your surveyor is registered or not.

IIISLA surveyors in Mumbai

Here, you can see a complete list of all IIISLA surveyors in the city of Mumbai. Similarly, you can see all registered surveyors Pan-India.

IIISLA contact details

Particulars

Details

Phone number

040 – 23261072 / 23261073

Email ID

admin@iiisla.co.in

Address

# 6-1-73, Off No.104 & 106 First Floor, Saeed Plaza, Lakdikapool,

Hyderabad – 500 004.

Telangana, India.

Source

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IIISLA Headquarters

Frequently asked questions about IIISLA

  • When was the IIISLA formed?

    The IIISLA was formed on 4th October 2005.

  • Who is the president of the IIISLA?

    Mr. Lalit Gupta (As of 2022)

     

  • What is the phone number of IIISLA?

    040 - 23261072 / 23261073

  • Categories
    Motor Insurance

    What does IMT 23 in insurance mean?


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    a moving car

    What does IMT 23 in insurance mean?

    There are two major classifications in motor insurance; private motor insurance, and commercial motor insurance. Both of these types of motor insurance policies operate in similar fashions, the only difference being in the coverage extended. 

    A commercial motor insurance policy usually provides lesser coverage compared to private motor insurance. The reason for this being is that there is more wear and tear in a commercial car due to its very high usage. The higher the usage, the riskier it is for the insurance company to provide coverage.

    That is why commercial motor insurance usually excludes coverage of items like fender, bonnet, bumper, front headlights, tires, and paint. How can someone circumvent this? Let us find out.

    If you are a commercial motor insurance policyholder, you can buy motor insurance with Indian Motor Tariff 23 (IMT 23) coverage. Buying a commercial motor insurance policy with IMT 23 will ensure that your motor insurance company will at least provide up to 50% coverage of items like paint, tires, bonnet, fender, bumper, and front headlights.

    Total coverage will not be provided by the company on these parts, but something is better than nothing, and 50% coverage is better than 0% coverage. IMT 23 coverage can be purchased along with a host of other motor insurance riders like engine-protection, key-protection, zero-depreciation rider, among other riders.

    Layering one rider on top of another rider will increase the coverage of your commercial vehicle, and ensure a better night’s sleep. IMT 23 coverage is available with most major general insurance companies.

    Be sure to ask your insurance company or insurance agent for complete details on the IMT 23 rider the next time you intend to purchase a commercial motor insurance policy for your vehicle.

    AUTHOR BIO

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.



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    Frequently asked questions about IMT 23

  • Is it mandatory to take an IMT 23 rider?

    No, it is not mandatory. That being said, it is recommended.

  • Can I take IMT 23 coverage along with other riders?

    Yes, you can combine one or more riders together.

  • What is the maximum coverage provided under IMT 23 for typically non-covered items?

    Up to 50% coverage will be provided on typically non covered items like bumper, tires, bonnet, etc.

  • Categories
    Insurance

    What does DOGH mean in insurance?

    declaration

    What does DOGH mean in insurance?

    DOGH stands for “Declaration of good health.” When an insurance company issues a health or life insurance policy it asks the policyholder to sign an undertaking that states that he or she is of sound mental and physical health.

    This undertaking is generally present within the policy application form and the policyholder must read the DOGH undertaking carefully while signing.

    Why is a DOGH undertaking necessary?

     

    A DOGH undertaking is necessary for ensuring the following:

    • That the policyholder is not suffering from any major disorder that he has not disclosed to the insurance company.
    • That the policyholder is not and does not intent to engage in any hazardous activities that might endanger himself.
    • Certain declarations may also ask the policyholder to declare that they have not been incarcerated.
    • It creates a legally standing document that can be used by the insurance company to dismiss claims if they are falsified.
    • It protects the insurance company against falsified claims. This ensures that the insurance money is disbursed within truthful claimants, and not claimants that make falsities with the intention to mislead the insurance company.
    DOGH
    An example of a DOGH undertaking

    It is extremely important to be completely transparent with your insurance company about your medical history, current health, or any other important detail. One must never falsify in any capacity with the insurance company. Not only is it unethical but it may also result in rejection of your claim and termination of policy.

    The Insurance Act 1938 provides various protections to insurance companies in case policyholders make false statements with the intention to mislead the company.

    Further, it should also be noted that the insurance company will most likely still provide you coverage even if you are suffering from a pre-existing condition or have a medical history. The coverage will be provided subject to a marginal increase in insurance premium along with a rider that states that the company will start servicing pre-existing diseases after a period of 2-4 years.

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    Frequently asked questions about DOGH.

  • Is it mandatory to undertake a DOGH?

    Yes, and DOGH is usually a part of the application form.

  • What happens if you dishonor a DOGH?

    If you dishonor the DOGH, the insurance company may decline your claim, and even terminate your policy.

  • Does the insurance company provide coverage if a person has a pre-existing disease?

    Yes, the insurance company will most likely provide coverage, but at extra charge and a 2-4 year waiting period for pre-existing conditions.

  • Categories
    Insurance

    What is the meaning of an appointee in insurance?

    trust

    What is the meaning of an appointee in insurance?

    The term “Appointee” is synonymous with the term “Nominee.” Both terms can be used interchangeably. The appointee is basically the nominee, and the nominee can also be referred to as an appointee.

    Let us now talk about the role, meaning, and importance of an appointee in insurance.

    Meaning of an appointee

    Let us understand the concept of an appointee with the help of a simple example. Let us assume that Mr. Dastoor has a life insurance policy with SBI Life Insurance. A life insurance policy needs a benefactor.

    The appointee acts as the benefactor of a policy. So, Mr. Dastoor decided that the benefactor of his life insurance policy will be his wife, thereby making his wife the appointee of his life insurance policy.

    It is a lesser known fact that having an appointee/nominee is not mandatory. That being said, it is absolutely imperative that the policyholder mention an appointee within his policy for streamlining the entire claims disbursement process.

    Role of an appointee

    • The appointee/nominee can lay claim to the benefits extended by the insurance policy.
    • The appointee can enter into correspondence with the insurance company on account of death or disability of the policyholder.
    • The appointee can disburse the funds under the policy as he chooses fit. For instance, if the brother is a nominee of a policy, he can choose to distribute the sum assured with his sister.

    Importance of an appointee

    • Having an appointee saves time and makes the entire process of disbursing the sum assured seamless and streamlined. If there is no appointee, the sum assured will get disbursed equally within all the legal heirs of the policyholder.
    • Having an appointee ensures that the money goes to the right hands. The policyholder can specifically choose his desired appointee, ensuring that there is no ambiguity during the claim settlement process. The money goes where the policyholder intended it to go!
    • The policyholder can have more than one appointee for any given policy. This provides a great deal of flexibility to the policyholder when it comes to distributing the policy benefits.
    • The policyholder can also add successive appointees within a policy. Having successive appointees means that the insurance company will first approach the 1st appointee, if he does not correspond, the insurance company will approach the 2nd appointee to settle the sum assured.

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    Frequently asked questions about appointees in insurance

  • Is it mandatory to have an appointee in an insurance policy?

    No, but it is highly recommended.

  • Can I add successive appointees in a policy?

    Yes. you may add successive appointees in an insurance policy.

  • Is appointee and nominee the same?

    Yes, both are the same.

  • What happens to the sum assured if the policy does not have an appointee?

    The sum assured will be divided across the legal heirs of the policyholder in the event of no nomination of an appointee.

  • Categories
    sbi life insurance

    How do I cancel my SBI Life Insurance policy?

    cancellation

    How do I cancel my SBI Life Insurance policy? (In 3 Simple Steps)

    So, you have purchased a life insurance policy from SBI Life and want to cancel it? Can it be done? Absolutely! This article will guide you on how you can easily cancel your SBI Life policy using easy to follow and simple steps.

    Ways to cancel your policy

    There are 2 primary ways to cancel your policy. Let us go through both of them.

    Cancellation within the free look period

    As an SBI Life Insurance customer, you have the option to cancel your life insurance policy within the free look period (15 days). If you cancel the policy within the free look period, you are eligible to receive a complete refund of your premium paid. This initiative has been taken with the aim of inspiring confidence within policyholders.

    Policy surrender

    What if you have paid multiple life insurance premiums over the course of many years and have now decided to terminate your policy, can you do this? Yes, you can surrender your life insurance policy (usually after a period of 1 year).

    Now, let us talk about the steps to cancellation.

    3 simple steps to cancel your SBI Life policy

    Step 1: Inform your insurance agent/company about the cancellation

    First, you will have to inform the insurance company or your insurance agent about your desire to cancel your policy. You can either visit the nearby SBI Life branch or give them a call on 022 6645 6241 / 1800 267 9090.

    Step 2: Fill and submit in the relevant forms/documents

    Next, you will be asked to fill the following forms:

    • Free look period cancellation form (in case your policy is within the free look period) or the policy surrender form
    • Original policy bond
    • Direct credit mandate
    • NRE remittance letter (if the funds are to be transferred to an NRE bank account)
    • First premium receipt
    • Cancelled check
    • Copy of passbook
    • Recommendation from the master policy holder (if you want to surrender the policy post the free look period)

    Step 3: Attach copies of your personal identification to the forms and submit

    Attach the following personal documents:

    • Photo ID with address proof
    • PAN card
    • Photo

    Once you have attached the above documents to the forms, you can visit your nearest SBI Life Insurance branch and submit the entire bunch to the company officer. Once the above documents are received and vetted, the company will typically cancel your insurance policy within 15 days.

    Contact details of SBI Life Insurance

    Particulars

    Contacts

    Phone number

    1800 267 9090 / 022 6645 6241

    Email ID

    info@sbilife.co.in

    Social media

    https://www.facebook.com/Sbilifeinsurance/

    https://www.linkedin.com/company/sbi-life-insurance-co–ltd-

    Source

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    Frequently asked questions about SBI Life policy cancellation

  • I have lost my original policy bond, can I still cancel my policy?

    Yes, but first you will have to apply for a duplicate policy bond by providing an affidavit to SBI Life.

  • Can I cancel a policy within the free look period?

    Absolutely, you can.

  • My policy has lapsed, can I still surrender it?

    Yes. you can surrender a lapsed policy.

  • What is the free look period of SBI Life?

    The free look period ranges from 15-30 days. (30 days if the policy is sold through distant method)

  • What is SBI Life Insurance's contact number?

    022 6645 6241 / 1800 267 9090

  • Categories
    IRDA

    How to download The IRDA Surveyor list (Easy Guide)

    list

    How to download The IRDA Surveyor list (An Easy Guide)

    An insurance surveyor is one who assesses the damages that have occurred to the insured object/person. It is the role of the surveyor to investigate the case, note down the observations, and disburse a case report to the insurance company.

    Once the insurance company has received the surveyor’s report, the insurance company will take a decision on whether or not to disburse the claim amount.

    As you can imagine, the role of an insurance surveyor is pivotal in the insurance sector, and all surveyors need to be registered with the IRDA of India.

    Let us now see how you can download the complete list of IRDA registered surveyors from the official IRDA website.

    How to download The IRDA Surveyor list?

    Step 1: Go to Google and type in ‘IRDA surveyor list’

    google IRDA surveyor list

    Step 2: Click on the first official IRDA result

    click on the IRDA result

    Step 3: Download the desired excel sheet

    IRDA surveyor page

    Here, you can download a complete list of authorized IRDA corporate surveyors as well as IRDA individual surveyors.

    Step 4: Find out if a surveyor is registered with the IRDA

    list of IRDA corporate surveyors

    Once you have downloaded the list, you can skim through the list and find out whether any given surveyor is registered with the IRDA. It is imperative that you check if a surveyor is registered and regulated by the IRDA before handing over sensitive details and access to him.

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    Frequently asked questions about IRDA surveyors

  • How many corporate surveyors are registered under the IRDA?

    You can find the complete list of all IRDA registered corporate surveyors here.

  • How many corporate individual surveyors are registered under the IRDA?

    You can find a total list of all individual surveyors registered under IRDA here.

  • Is it mandatory for surveyors to be registered under IRDA?

    Yes. it is mandatory for corporate as well as individual surveyors to be registered with the IRDA of India.

  • Categories
    IRDA

    What are the top 10 most important powers of the IRDA?

    government office

    What are the top 10 most important powers of the IRDA?

    The IRDA of India is the apex regulator of the insurance sector of India. It was formed by Parliament of India in 1999 and later began its role as the chief regulator of the insurance business in India.

    Let us look at the top 10 most important powers bestowed upon the IRDA by the Indian Parliament.

    Top 10 most important powers of the IRDA

    1. Licenses: The IRDA has the power to accept or reject the application of any company that may want to operate within the insurance sector in India. No insurance company can operate without a license from the IRDA.
    2. Claim settlements: The IRDA has put in various mechanisms in place that encourage the swift and honest settlement of a policyholder’s insurance claim.
    3. Grievances: The IRDA has the ability to mediate between the policyholder and the insurance company in the event of a grievance. In fact, the IRDA has setup a specialized online grievance redressal system called IRDA IGMS.
    4. Audits: The IRDA has certain powers bestowed upon it, whereby it can conduct timely audits of the books of insurance companies, and ensures that their books are in alignment with the tenets laid down by the IRDA. This auditing system inspires confidence among policyholders.
    5. Regular regulations: The IRDA has the ability to survey the insurance market and enforce new regulations that it seems fit. It can change, modify, and remove any regulation that it may deem fit.
    6. Discourage malpractices: The entity has a no-nonsense outlook when it comes to malpractices and strictly penalizes insurance companies in case of any malpractices.
    7. Regulates insurance premiums: IRDA has the power to enforce regulations on insurance premium. This is done with the view of keeping insurance premium rates as low as possible and increase the penetration of insurance by making it affordable.
    8. Monitoring investments: IRDA monitors all investments made by insurance companies. This is done to ensure the fidelity and financial stability of insurance companies.
    9. Increasing rural insurance penetration: IRDA specifies a certain percentage of business that is to be carried out in rural areas of India, thereby increasing penetration and bringing the insurance product to the rural masses.
    10. Growth of the industry: IRDA is assigned with managing the sustainable growth of the insurance industry. It does so by enforcing all of the above tenets as and when it deems fit. The insurance sector has seen tremendous growth post the establishment of the IRDA.

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    Frequently asked questions about IRDA

  • When was the IRDA formed?

    The IRDA was formed in the year 1999.

  • Who regulates the Indian Insurance business?

    IRDA of India.

  • Who recommended the formation of the IRDA?

    Shri. R.N Malhotra recommended the formation of the IRDA through The Malhotra Committee in 1999.

  • What is IRDA IGMS?

    IRDA IGMS is IRDA's online grievance redressal system. This is where a troubled policyholder can lodge a complaint.

  • Who is the current Chairman of IRDA?

    Debasish Panda (as of 2022)

  • Categories
    IRDA

    Which committee recommended the establishment of IRDA (And Why?)

    regulation

    Which committee recommended the establishment of IRDA (And Why?)

    The Insurance Regulatory and Development Authority (IRDA) was recommended by The Malhotra Committee in the year 1999. The purpose of The Malhotra Committee (headed by R.N Malhotra) was to recommend the Government the best course of action pertaining to the growth, regulation, and structure of the Indian Insurance Sector.

    The committee was formed in 1993 and provided its recommendations in 1999.

    Recommendations of the Malhotra Committee

    Let us briefly list the most important recommendations of this committee:

    • Liberalization of the Indian Insurance Industry.
    • The formation of a governing body (IRDA).
    • Divestment of Government Insurance companies up to 50%.
    • Amendments to the Indian Insurance Act.
    • Foreign entrants into the domestic insurance sector.
    • Digitalization and computerization of the insurance business.

    Why was the formation of IRDA recommended?

    RN Malhotra
    Mr. R.N Malhotra

    The Malhotra Committee wanted the governance and regulation of the insurance sector to move away from the finance ministry to an independent governing body (which would later be the IRDA). This recommendation was made with the understanding that an industry specific institution would better regulate the industry due to its specialized nature.

    The IRDA was formed in 1999 under the watchful eye of the Indian Parliament through the IRDAI Act, 1999.
    The committee also recommended certain primary functions of The IRDA which we will touch upon below.

     

     

    Primary functions of The IRDA

    • Regulate the insurance sector by having the ability to disburse or reject the license of any insurance company.
    • Regulating insurance premiums.
    • To safeguard and protect the interest of policyholders.
    • Increasing transparency and trust within the industry.
    • Eliminating malpractices
    • Increasing insurance penetration in India.
    • Growing the insurance market sustainably.
    • Conducting audits of insurance companies.
    • Recommendations of margins to be kept by insurance companies to ensure financial integrity of an insurance company.
    • Penalize non-complying insurance companies.

    Formation of the IRDA along with the liberalization of the Indian Insurance Sector were two major inflection points that unleashed the explosive potential of the insurance sector in India.

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    quizTake this simple quiz to find out how much you know about the IRDA, and the Malhotra Committee!

    Click on “Next” to begin!

    Frequently asked questions about IRDA , and The Malhotra Committee

  • When was the IRDA formed?

    The IRDA was formed in 1999.

  • What is the composition of the IRDA
    • Chairman
    • 5 full-time members
    • 4 part-time members
  • Who headed The Malhotra Committee?

    Shri. R.N Malhotra (RBI Governor)

  • How can I lodge a complaint with The IRDA?

    You can lodge a complaint with IRDA through the use of their online IGMS system.

  • Who is the current Chairman of IRDA?

    Shri. Debasish Panda

  • Categories
    Insurance

    Does the Government have monopoly in the insurance sector?

    government office

    Does the Government have monopoly in the insurance sector?

    In simple words, No! The Government of India does not have a monopoly in the insurance sector of India. There are vast number life and general insurance companies from the private sector. As a matter of fact, there are a total of 57 insurance companies in India, and a vast number of them are from the private sector.

    In fact, The Government of India has vastly liberalized and privatized the insurance industry in India to the extent of even giving eligible foreign private corporations to participate in the Indian insurance industry.

    When was the Indian Insurance sector liberalized?

    The insurance sector in India was privatized and liberalized in the year 2000. This liberalization drive resulted in the entry of domestic as well as foreign private players into the market, thereby ending the monopoly of the GOI in the insurance sector.

    The liberalization drive was undertaken with the objective of increasing competition within the industry, and increasing insurance penetration in the country due to entry of new players. This liberalization drive has yielded tremendous dividends to the insurance sector over the years.

    The entry of dynamic and high tech entrants have led to an upsurge in competition within the sector, leading to competitive pricing and other similar benefits that have been naturally passed down to policyholders. Further, the Union Budget of 2021 increased FDI limit in the insurance sector from 49% to 74%, liberalizing the industry even more.

    This is a stark difference from the pre-liberalization time, where only a few large and lumbering Government owned insurance companies provided limited and sub-standard services to policyholders.

    The privatization of this industry has also let to an explosion of job creation in the insurance sector which is also boosting the Indian economy.

    So, to sum it up, there was a time when the Government had monopoly over the insurance sector, but post 2000, the Government has reduced regulation, introduced liberalization and privatization measures, thereby ending its monopoly over the sector.

    Total Insurance Companies
    (As of 2022)
    General Insurance Companies
    (As of 2022)
    Life Insurance Companies
    (As of 2022)

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    Frequently asked questions about IRDA claim settlement ratio

  • Does the Government have monopoly in the insurance sector?

    No, it does not.

  • Which is the largest insurance company in India?

    Life Insurance Corporation of India (LIC)

  • When was the insurance sector liberalized in India?

    The year 2000

  • How many insurance companies are there in India?

    57 insurance companies are registered with the IRDA of India.

  • Is LIC a private company or Government entity?

    Major share of the LIC is still with the GOI.

  • Categories
    Health Insurance

    Which health insurance rebranded itself as Care Health Insurance?

    Which health insurance rebranded itself as Care Health Insurance?

    So, you want to know which health insurance rebranded itself as Care Health Insurance? Well, let’s get right to it. Religare Health Insurance company rebranded itself into Care Health Insurance Limited on September 02, 2020.

    Care Health Insurance is a part of the Gurgaon based Religare Enterprises Limited, and is one of the leading health insurance companies in India with over 8500 employees, having an impressive claim settlement ratio of 95.5% as of 2021.

    Care Health Insurance has also settled over 30 lakh insurance claims as of 2022.

    Types of plans offered by Care Health

    Care Health Insurance provides a plethora of health insurance plans; they are:

    • Healthcare plans
    • Travel insurance plans
    • Senior citizen health insurance plans
    • Mediclaim
    • Heart specialty plans
    • Corporate Group health insurance
    • Alternative treatment plans

    What are some of the advantages of Care Health Insurance?

    Let us list within some of the salient advantages and benefits of buying a health plan from Care:

    • An impressive claim settlement ratio of 95.2% (as of 2021).
    • Cashless claims
    • Robust network of affiliated hospitals (9592+ hospitals)
    • 24*7 customer support
    • They are renowned for their claims servicing (Also awarded the ‘Best Claims Service’ award at The Insurance India Summit)

    How can I reach out to Care Health Insurance?

    You can reach out to Care Health Insurance through a variety of ways; they are:

    Toll-free number

    1800-102-4499

    Whatsapp

    8860402452

    Mobile App

    Google Play, Apple App Store

    Website contact-us page

    https://www.careinsurance.com/contact-us.html

    Email ID

    Customerfirst@Carehealthinsurance.com

    Contact-us form

    https://www.careinsurance.com/contact-us.html

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    Frequently asked questions (FAQs)

  • Which company rebranded itself into Care Health?

    Religare Health Insurance Company Limited.

  • When did Religare Health rebrand itself into Care Health?

    2020.

  • Does Care Health have a website?

    Yes. https://www.careinsurance.com/