Latest News and Articles regarding Life Insurance in South Africa.
According to Investopedia, car insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. You are expected to pay a monthly premium which may vary depending on certain factors like your age, gender, driving experience etc.
Comprehensive cover or insurance provides protection for the insurer in the event of physical damage, caused by other factors than collision or theft of the insured vehicle. This includes fire damage or a cracked windshield. – www.clements.com
Third-party insurance offers insurers the legal minimum level of cover, and is the most basic form of insurance on the market. For example if you drive into another car’s rear and cause damage to the bumper and injure the driver. This is when your third-party insurance will cover the cost of the other person’s car and medical expenses. You are however not covered for damage to your own car or any injuries you suffered. For that, one needs comprehensive cover. – www.confused.com
Home Insurance and Household Insurance
Home insurance covers the actual building that includes the structure and permanent fixtures like bricks and mortar. Household insurance relates to movable possessions such as furniture and electrical appliances. This type of insurance covers a range of contingencies, including, but not always limited to, theft, acts of nature like lightning, storm, flood or snow as well as damage caused by fire, power surges and subsidence. – www.insurancechat.co.za
According to Cover the Gap, Gap cover is if medical practitioners charge in excess of the tariff rate at which the member’s medical aid reimburses the client for procedures performed in hospital. The shortfall will be for the member’s account. This can be as much as three of four times the Reference Price List tariff or NHRPL.
Etienne du Toit from Absa Life wrote on FANews that a grace period is when premiums are not paid for two consecutive months, the policy will lapse and the holder will not be able to enjoy any further cover. But a grace period gives the policy holder a chance to catch up with payments whilst their cover remains in place. According to the Long Term Insurance Act, the norm is to allow a grace period of 30 days.
According to www.clemens.com, liability insurance is the kind of insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.
This is the largest amount of money you can pay towards the cost of your healthcare every year. After you have paid enough in deductibles, co-pays and co-insurance to reach your out-of-pocket maximum, your health insurance company will pay for the rest of your health care for that year. – www.abouthealthinsurance.com
According to www.wikitravel.org, travel insurance is a short-term insurance available against travel-related emergencies and expenses. This may include trip cancellation insurance, travel medical insurance, evacuation-only plans and flight insurance.