Find time to read the EXCESS CLAUSE in your Insurance policy documents
DID YOU KNOW ? If you have a high excess you will pay less on your premiums, but if you have a low excess you will have higher premiums?
An Excess is a payment your Insurance Company will ask you to pay towards any claim you make. Excesses mainly exist to deter people from claiming really small damages. Keep in mind that your premiums will change depending on what your excess is. So if you have a high excess you will pay less on your premiums, but if you have a low excess you will have higher premiums.
Most Insurance Companies in Zambia charge 10% Excess for each and every claim minimum of K500.00 on Motor Insurance as a Compulsory Insurance Excess. What is your Insurance Company charging you on Excess? Find time to read the EXCESS CLAUSE in your Insurance policy documents
FOR EXAMPLE:
One day during the COVID 19 Lockdown, Mr. Julious Sasu Mwanza (Not his real Name) a ZAF Officer could not believe what he saw. His 5 years old Son Ephraim Chibesa Mwanza had scratched the words “ COVid 19, wASh haNdS and Clean ME ’ on the doors and Bonnet of his newly bought car with a stone . The cost of spray painting the car was
K 3,000.00
The Excess Clause applicable on his policy was 10% for each and every claim minimum of K500.00.
Therefore :
a)The Cost of the Claim ( Spray painting ) was K 3,000 .00
b) 10% of K 3,000.00 is K300.00 but the Minimum Applicable is K500 .00
Mr. Julious Sasu Mwanza was required to pay the first K500.00 of the claim before the Policy Coverage could kick in . Since the claim amount was K3, 000.00, he had to pay K500.00 and the Insurance Company covered the remaining
K2,500.00 of the Claim.
Until Next Time!
from anontopur.com https://ift.tt/2X7MJZV
bangla,bangla tech,bangla tech s,bangla news,bangla tutorial,tech bangla it,tech bangla,bangla tech channel exposed,tech bangla pro,bangla tech channel roasted video,bangla tv channel,bangla channels,in bangla,bangla movie,bangla news 24,bangla review,bangla boy,news bangla,new tech,tech,tyag bangla movie,shaj tech,news bangla 24,debtech bangla channel,like app bangla,bangla android,bangla tutorial idm, bangla,bangla funny video,bangla movie,bangla new movie,funny facebook posts,new bangla funny video,funniest facebook posts,post office,bangla natok,bangla movie song,bangla facebook post,bangla tutorial,new bangla natok,bangla full movie,bangla cinema,bangla dhadha,bangla natok post mortem,bangla funny facebook post,bangla motivational video,bangla facebook funny,facebook post,facebook funny post, Credit anontopur.com
Comments