Frequently Asked Questions (FAQs) 

Insurance is a contract between an individual or a business and an insurance company. It provides financial protection against potential losses or damages in exchange for regular premium payments.

Insurance is important because it safeguards you from unexpected financial burdens. It helps protect your assets, provides coverage for medical expenses, compensates for property damage or loss, and offers liability protection in case of lawsuits.

Choosing the right insurance policy depends on your specific needs and circumstances. Consider factors such as coverage, deductibles, premiums, and the reputation of the insurance provider. It's advisable to compare multiple options and consult with an insurance agent for personalized advice.

Insurance offers various benefits, including financial protection against unexpected events, peace of mind, risk management, coverage for medical expenses, assistance in rebuilding after property damage or loss, and support for loved ones in case of disability or death.

There are various types of insurance policies available, including: Health insurance: Provides coverage for medical expenses and treatments. Life insurance: Offers financial security to beneficiaries in case of the policyholder's death. Auto insurance: Covers damages and liabilities related to vehicles. Property insurance: Protects your home and its contents against damage or theft. Business insurance: Protects businesses from potential losses and liabilities. Travel insurance: Covers unforeseen events during travel, such as trip cancellation or medical emergencies. Marine insurance: Marine insurance covers ships, cargo, and marine risks, preventing losses during transportation and promoting global trade.

The principles of insurance include utmost good faith (honesty), insurable interest (stake in the insured subject matter), indemnity (compensation for loss), subrogation (right to pursue recovery), contribution (sharing losses), and proximate cause (a direct cause of loss).

Life insurance is a contract between an individual and an insurance company. It provides a death benefit to beneficiaries upon the insured person's death, helping to financially protect loved ones.

The three main types of life insurance are term life insurance, whole life insurance, and universal life insurance. Term insurance provides coverage for a specific term, while whole and universal life insurance offers permanent coverage with a cash value component.

The objective of life insurance is to provide financial security and protection to the insured's beneficiaries in the event of their death. It ensures that loved ones can maintain their standard of living, pay debts, cover funeral expenses, and achieve future financial goals.

The main function of life insurance companies is to assess risk, underwrite policies, collect premiums, and provide financial protection to policyholders. They manage policyholder funds, invest premiums, and pay out claims when a covered event, such as death, occurs.

Risk in insurance refers to the uncertainty of a loss occurring. It involves the potential for unexpected events, such as accidents, illnesses, or damage to property, that could result in financial loss. Insurance helps to mitigate and manage these risks by providing financial protection.

Nepal has a health insurance system called the National Health Insurance Program (NHIP), which aims to provide affordable healthcare services to Nepali citizens. It covers essential health services and offers financial protection against medical expenses.

Determining the best medical insurance in Nepal depends on individual needs and preferences. Some popular health insurance providers in Nepal include Siddhartha Insurance, Nepal Insurance, and Everest Insurance. It's recommended to compare coverage and benefits to choose the one that suits you best.

Good health insurance varies based on personal requirements. Popular health insurance options include policies from Surya Life Insurance, Life Insurance Corporation Nepal, and Prabhu Insurance. It's important to assess coverage, premiums, and additional benefits to find the one that suits your health needs.

The purpose of insurance is to provide financial protection and peace of mind. It helps individuals, businesses, and organizations manage and mitigate various risks by transferring the potential financial burden to an insurance company in exchange for premiums.

Insurance is a risk management tool that provides financial protection against uncertain events or losses. Its principles include utmost good faith, insurable interest, indemnity, subrogation, contribution, and proximate cause, guiding the functioning of insurance contracts and claims settlement.

Motor insurance is important in Nepal because it provides financial protection in case of accidents or damages to vehicles. It is compulsory by law to have at least third-party motor insurance to cover any liabilities arising from accidents.

Third-party insurance in Nepal protects third-party liability in the event of an accident caused by your vehicle. It provides compensation for injury, death, or property damage caused to others, but it does not cover damages to your own vehicle.

To file a claim for third-party insurance in Nepal, contact your insurance carrier and give the appropriate documents, such as the accident report, police report, and other supporting proof. The insurance company will investigate the claim and compensate the harmed third party.

Third-party insurance in Nepal provides benefits such as financial protection against accident liabilities, legal coverage for third-party reimbursement, and compliance with legal requirements for vehicle owners.

Third-party insurance only covers third-party liabilities, whereas full insurance, often known as comprehensive insurance, covers both third-party obligations and damages to your own car.

Determining the best third-party insurance depends on your requirements and the insurance company's reputation. Popular third-party insurance providers in Nepal include Shikhar Insurance, Nepal Insurance, and Siddhartha Insurance. Compare coverage and premiums to find the one that suits you best.

The three different types of insurance are life insurance, health insurance, and property insurance. Life insurance provides financial protection to beneficiaries. Health insurance covers medical expenses. Property insurance protects against damage or loss of physical property.

The finest auto insurance coverage is determined by the demands of the individual. Comprehensive automobile insurance is frequently advised because it covers damage to your own vehicle, theft, and third-party liability. However, the decision is influenced by factors such as budget, car value, and personal needs.

Travel insurance provides financial protection and assistance during trips, covering medical expenses, trip cancellations, lost luggage, and other unforeseen events.

The best company for travel insurance depends on individual needs.

Travel insurance cost in Nepal varies based on coverage and duration. Prices can range from NPR 1000 to NPR 10,000 or more.

To claim travel insurance, contact your insurance provider and follow their specific claims process, providing necessary documentation and evidence of the incident.

Travel insurance may cover stolen money, but it's best to review your policy for specific coverage details and any applicable limits.

Travel insurance may cover lost items, subject to policy terms and conditions. Report the loss immediately and provide supporting documentation for the claim.

Travel insurance typically covers luggage loss or damage. File a claim with your insurer, providing evidence, such as receipts and incident reports.

Stolen luggage may be covered by travel insurance, but it's important to report the theft to local authorities and file a claim with your insurance provider promptly.

If you lose an item while traveling, report it to local authorities and inform your travel insurance provider to check if it's covered and proceed with the claim process.

Airlines may offer compensation for lost items based on their policies. However, travel insurance often provides additional coverage for lost or damaged belongings. Check your policy for details.

Property insurance in Nepal covers physical property damages or losses such as buildings, residences, or enterprises. It aids with the prevention of dangers such as fire, natural disasters, theft, and other specific perils.

Homeowner's insurance is the most frequent sort of real estate insurance. It covers residential premises and usually includes coverage for property damage, theft, liability, and additional living expenses.

Basic property insurance is a type of regular insurance policy that covers common hazards such as fire, theft, vandalism, and natural catastrophes. It provides the necessary protection for property owners who do not require additional specialized coverage.

Life insurance, health insurance, and property insurance are the three most significant types of insurance. Life insurance provides financial security to loved ones in the event of a person's death, while health insurance covers medical bills and property insurance protects against property damage or loss.

The principles of insurance include the highest good faith (disclosure of accurate information), insurable interest (financial involvement in the insured object), indemnity (compensation for the actual loss), subrogation (transferring the rights of recovery), contribution (sharing of loss among multiple policies), and proximate cause (determining the main reason for the loss

The business of insurance involves providing financial protection against risks in exchange for premiums. Insurance companies assess risks, pool resources, and offer coverage to individuals or businesses to protect them from potential losses.

The three types of insurance are life insurance (which provides payout upon death), health insurance (which covers medical expenses), and property insurance (which protects against property damage or loss).

The best insurance for small businesses depends on their needs. Common options are general liability insurance (for third-party claims) and business property insurance (for physical assets).

The most important insurance types for individuals are life insurance (financial support for beneficiaries), health insurance (access to medical care), and auto insurance (covers accidents).

Insurance benefits include financial protection, peace of mind, risk mitigation, emergency assistance, and coverage for medical expenses.

The main purpose of insurance is to provide financial protection, help recover from losses, and offer peace of mind in uncertain situations.

The three types of marine insurance are hull insurance, cargo insurance, and freight insurance.

Marine insurance in one word is “Protection”.

An example of marine insurance is insuring a cargo ship against damage or loss during transportation.

The main features of marine insurance include coverage for perils at sea, international coverage, specific voyage or time period coverage, and protection for the cargo, hull, and liability.

The role of marine insurance is to provide financial protection to shipowners, cargo owners, and other parties involved in marine transportation against risks such as damage, loss, accidents, and liabilities.

The five principles of marine insurance are utmost good faith, insurable interest, proximate cause, indemnity, and subrogation.

The advantages of marine insurance include financial protection against loss or damage to cargo or vessels, coverage for liabilities, assistance in risk management, and peace of mind for shipowners and cargo owners.