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Importance of Personal Accident Policy - Insurance Products, Principles of Insurance Video Lecture | Principles of Insurance - B Com

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FAQs on Importance of Personal Accident Policy - Insurance Products, Principles of Insurance Video Lecture - Principles of Insurance - B Com

1. What is a personal accident policy and why is it important?
Ans. A personal accident policy is an insurance policy that provides coverage for accidental injuries and their resulting disabilities or death. It offers financial protection to individuals and their families in the event of an accident. It is important because it helps cover medical expenses, loss of income, and other related costs that may arise due to an accident.
2. What does a personal accident policy cover?
Ans. A personal accident policy typically covers accidental death, permanent total disability, permanent partial disability, temporary total disability, and medical expenses arising from an accident. Some policies may also include additional coverage for transportation expenses, education fund for children, and funeral expenses.
3. Who should consider buying a personal accident policy?
Ans. Anyone who wants financial protection in case of accidental injuries or death should consider buying a personal accident policy. It is especially beneficial for individuals who have dependents or those who work in high-risk occupations such as construction workers, drivers, and athletes.
4. Can I buy a personal accident policy for my family members?
Ans. Yes, you can buy a personal accident policy for your family members. Many insurance companies offer family floater plans that provide coverage for the entire family under a single policy. This ensures that all family members are protected in case of an accident.
5. How do I make a claim under a personal accident policy?
Ans. To make a claim under a personal accident policy, you need to notify the insurance company as soon as possible after the accident. You will be required to submit the necessary documents such as medical reports, police reports (if applicable), and other supporting documents as per the insurance company's requirements. The insurance company will then assess the claim and provide the necessary compensation based on the policy terms and conditions.
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