What is a premium?
Premium is the fixed amount of sum paid over the period by the insured to the insurance company in exchange of benefits or covers availed as part of the insurance policy. The insurance premium is income for the insurance company and also represents a liability because the insurer must provide coverage for claims being made against the policy.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?