{"id":48651,"date":"2023-11-20T19:53:47","date_gmt":"2023-11-20T14:23:47","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=48651"},"modified":"2023-11-20T19:53:51","modified_gmt":"2023-11-20T14:23:51","slug":"learn-more-about-the-components-of-insurance-what-is-a-premium-deductible-policy-limits-more","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/learn-more-about-the-components-of-insurance-what-is-a-premium-deductible-policy-limits-more\/","title":{"rendered":"Learn More About The Components Of Insurance: What Is a Premium, Deductible, Policy Limits &#038; More"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"48651\" class=\"elementor elementor-48651\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23ba90b elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"23ba90b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b6a6f9f\" data-id=\"b6a6f9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e0f864e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"e0f864e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7efb245 chapters_list\" data-id=\"7efb245\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-33d4575 elementor-widget elementor-widget-shortcode\" data-id=\"33d4575\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery(\"#post_chapters a[href*='\" + location.pathname + \"']\").addClass(\"current\");\n\t\t})\n\t<\/script>\n\t<div class=\"desktop_chapters\"><div id=\"post_chapters\"><div class=\"post_chapters-heading\">Chapters<\/div><ul><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/what-is-insurance-why-is-it-needed-how-does-it-work\/\">What Is Insurance<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/learn-more-about-the-components-of-insurance-what-is-a-premium-deductible-policy-limits-more\/\">Components Of Insurance<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/learn-more-about-the-policy-documents-procedures-involved-when-purchasing-an-insurance\/\">Policy Documents<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/what-are-the-different-types-of-insurance\/\">Types of Insurance - Part A<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/types-of-insurance-what-is-term-life-unit-linked-insurance-plan-whole-life-endowment-insurance\/\">Types of Insurance - Part B<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/selecting-the-right-insurance-policy\/\">Selecting The Right Insurance Policy<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/frauds-in-insurance-sector\/\">Frauds In Insurance Sector<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/myths-about-insurance-sector\/\">Myths About Insurance Sector<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/tax-benefits-in-insurance-sector\/\">Tax Benefits In Insurance Sector<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/what-is-re-insurance-business\/\">What Is Re-Insurance Business<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/insurance-course\/what-is-bancassurance\/\">What Is Bancassurance?<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\" title=\"chapters\"><a title=\"chapters\" href=\"#\" id=\"open_chapters\"><span>View Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><a title=\"chapters\" href=\"#\" id=\"close_chapters\" style=\"display:none;\"><span>Hide Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><\/div>\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery('.chapters_toggle #open_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"0px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"none\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"block\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"200px\");\n\t\t\t})\n\t\t\tjQuery('.chapters_toggle #close_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"-480px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"block\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"none\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"100%\");\n\t\t\t})\n\t\t});\n\t<\/script>\n\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-93f371b tabs_contents\" data-id=\"93f371b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90f6d06 market_content_tabs elementor-widget elementor-widget-eael-adv-tabs\" data-id=\"90f6d06\" data-element_type=\"widget\" data-widget_type=\"eael-adv-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div data-scroll-on-click=\"no\" data-scroll-speed=\"300\" id=\"eael-advance-tabs-90f6d06\" class=\"eael-advance-tabs eael-tabs-horizontal eael-tab-auto-active \" data-tabid=\"90f6d06\">\n            <div class=\"eael-tabs-nav \">\n                <ul class=\"eael-tab-inline-icon\" role=\"tablist\">\n                                            <li id=\"study\" class=\"active-default eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"study-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-edit\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Study<\/span>                            \n                                                    <\/li>\n                                            <li id=\"slides\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"slides-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"fas fa-book-open\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Slides<\/span>                            \n                                                    <\/li>\n                                            <li id=\"videos\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"videos-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-eye\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Videos<\/span>                            \n                                                    <\/li>\n                    \n                                  <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"study-tab\" class=\"clearfix eael-tab-content-item active-default\" data-title-link=\"study-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:0px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Components-of-Insurance' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2><strong>2.1 Components of Insurance<\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"500\" class=\"aligncenter wp-image-48253 size-full\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg\" alt=\"\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 1536w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 2048w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 96w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Enter-OTP-cuate.svg 500w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Insurance is an important part of personal finances. The best way to understand which insurance policy suits you the best, it is better to understand the components of insurance first<\/p>\r\n<p>The five important components of Insurance policy are<\/p>\r\n<ol>\r\n<li>Premium<\/li>\r\n<li>Deductible<\/li>\r\n<li>Policy Limits<\/li>\r\n<li>Exclusions<\/li>\r\n<li>Riders- Additional and Options<\/li>\r\n<\/ol>\r\n<p>Let us understand them in detail<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='Premium' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2><strong>2.2 What Is A Premium?<\/strong><\/h2>\r\n<p><img decoding=\"async\" width=\"500\" height=\"500\" class=\"aligncenter wp-image-48248 size-full\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg\" alt=\"\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 1536w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 2048w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 96w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 500w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The insurance company calculates that an individual or business periodically will pay them a specific amount known as premium. This is collected for maintenance of the insurance policy and coverage. Insurance companies consider many factors before calculating the premiums. The factors include claims made by the policyholder, medical conditions, smoking and other lifestyle habit, area of residence, employment nature and so on. For doing this process the insurance companies appoint actuaries and they determine the likelihood of claim for various age group and lifestyles. The greater the risk associated with an event the more expensive will be the insurance premium<\/p>\r\n<p>Insurance companies offer policyholders a number of options when it comes to paying insurance premium. Now it depends on the policyholders whether they prefer to pay the installments monthly, half yearly or quarterly.\u00a0 The policy holder can also pay the entire amount upfront before the coverage starts. An insurance company will pool together all the money that individuals pay for premiums, which will be paid out to individuals who need to be covered for financial losses as a result of events or incidents stated in the contract between you and the insurance company.<\/p>\r\n<h3><strong>Types of Insurance Premiums<\/strong><\/h3>\r\n<ol>\r\n<li>\r\n<h3><strong>Life Insurance Premium<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>Life insurance premiums are determined by personal information including age, health and medical record. Factors such as smoking or drinking alcohol also determine the amount of premium you need to pay<\/p>\r\n<ol start=\"2\">\r\n<li>\r\n<h3><strong>Health Insurance Premium<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>Some individuals receive mediclaim policy as part of their salary package from the company. In such cases they need not pay any premium. Whereas the policy taken from local insurance companies for medical emergency the premium needs to be paid either monthly, quarterly, half yearly or yearly.<\/p>\r\n<ol start=\"3\">\r\n<li>\r\n<h3><strong>Auto Insurance Premium<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>When one purchases vehicle as per law the vehicle insurance needs to be taken. The insurance company looks at the driving records such as violations, parking tickets, license suspensions and driving accidents. A driver who is having clean records are charged smaller premium than the driver who has a record for consistent accidents and violations.<\/p>\r\n<ol start=\"4\">\r\n<li>\r\n<h3><strong>Home Insurance Premium<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>Home insurance premium are determined by the age, size, value and location of the property. Houses located in areas which are extremely prone to weather conditions such as hurricanes the insurance premiums are high in such cases.<\/p>\r\n<ol start=\"5\">\r\n<li>\r\n<h3><strong>Renters Insurance Premium<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>Renters Insurance Premium is a form of property insurance that protects tenants who live in the rented dwelling. This policy covers personal property, liability claims and additional living expenses when a unit is damaged.\u00a0 This insurance is not a legal requirement but some landlords require proof of renters insurance before they hand over the keys. This insurance does not cover floods or earthquakes.<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='Deductible' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2><strong>2.3 What Are Deductibles?<\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg\"><img decoding=\"async\" class=\"size-medium wp-image-48118 aligncenter\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 1536w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 2048w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 96w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/reshot-icon-insurance-document-WFC4LN6EYJ.svg 64w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\r\n<ul>\r\n<li>The insurance deductible refers to the amount of money one needs to pay in an insurance claim prior to the insurance coverage starts. Once the deductibles are clear, the insurance company will pay you up to the policy limits and conditions in the wording for the rest of the claim value. Deductibles in a way provide the opportunity to the insurance companies to share costs with the policyholders when they file the claim.<\/li>\r\n<li>Deductibles help the insurance companies to minimize the risk of moral hazards to the conduct. For example if vehicle owner has taken insurance policy that does not give him the authority to drive recklessly or leave the vehicle in a dangerous area.<\/li>\r\n<li>Through Deductibles insurance companies ensure that the insured person also takes measures for financial safety and does create damage intentionally. For example if the health insurance policy is of Rs 500000\/- cover and as per the policy co-payment is 10% . Now suppose the insured person gets admitted to the hospital and the charges come up to Rs 300000\/-. Here the insured person will have to pay to the hospital Rs 30000\/- and the rest amount Rs 270000\/- will be paid by the insurance company.<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='Policy-Limits' style='padding:4.9% 5%; margin:0px 0%; min-height:400px; '><h2><strong>2.4. What Are Policy Limits?<\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" class=\"aligncenter wp-image-48249 size-full\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg\" alt=\"\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 1536w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 2048w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 96w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-bro.svg 500w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Insurance Policy Limits are listed on the declaration page of policy documents. Each type of coverage has its own limit.\u00a0 When you are selecting the limit you need to consider the minimum\/maximum amounts of coverage available from your insurer as well as any legal requirements.\u00a0 The insurer will then calculate the premium and deductible according to coverage limit.<\/p>\r\n<h3><strong>Types of Policy Limits<\/strong><\/h3>\r\n<ol>\r\n<li>Per-Occurrence Limit- It determines the funds your policy will provide for one specific incident.<\/li>\r\n<li>Aggregate Limit \u2013 It determines the funds your policy will pay for all the claims during the policy period.<\/li>\r\n<\/ol>\r\n<p>\u00a0The limits informs the maximum amount of funds policy provides in case one or multiple covered losses incur. For example if you own a home and its lost in the fire, you would likely get the maximum coverage provided by your policy. If your rebuilding costs would be more than your limit it is considered as underinsured and one should think about increasing the policy limits. Changing the policy limits effects the premium amount as well.<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide05' class='sa_hover_container' data-hash='Exclusions' style='padding:4.9% 5%; margin:0px 0%; min-height:400px; '><h2><strong>2.5. What Are Exclusions?<\/strong><\/h2>\r\n<p><img decoding=\"async\" width=\"500\" height=\"500\" class=\"aligncenter wp-image-48248 size-full\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg\" alt=\"\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 1536w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 2048w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 96w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-On-rafiki.svg 500w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li>Once the insurance policy is taken you might think that the entire damage cost will be reimbursed by the insurance companies. But that is not the case.\u00a0 Exclusions are the cases where the insurance companies does not provide coverage. These are the conditions which the insurance companies excludes so as to avoid losses to the company.\u00a0<\/li>\r\n<li>The life insurance policy contracts have certain specified provisions and clauses which needs to be fulfilled so that the contract becomes valid.\u00a0 Generally the insurance provider is liable to pay the claim in case of death of the insured.<\/li>\r\n<li>But to avoid intentional damages the insurance companies sets exclusions conditions for example committing suicide will not get insurance claim.<\/li>\r\n<li>Such clauses are clearly mentioned in the policy document at the time of commencement of policy contract. Waiting period in which insurance benefits do not apply is also type of exclusion. Also if a person already has some types of pre-existing diseases such person will not get insurance claim benefits .<\/li>\r\n<\/ul><\/div>\n<div id='text_slider_slide06' class='sa_hover_container' data-hash='Riders-Additional-and-Options' style='padding:4.9% 5%; margin:0px 0%; min-height:400px; '><h2><strong>2.6. What Are Riders- Additional Coverage and Options?<\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-pana.svg\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"500\" class=\"aligncenter wp-image-48252 size-full\" role=\"img\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2023\/11\/Security-pana.svg\" alt=\"\" \/><\/a><\/p>\r\n<p>Riders are an optional add on that increases the coverage features of insurance policy. Riders are valuable tools that help expanding life insurance coverage.<\/p>\r\n<p>Different types of life insurance riders are<\/p>\r\n<ol>\r\n<li><strong>Waiver of Premium:<\/strong> This rider ensures that your life insurance policy stays active even if the individual is unable to pay premiums.\u00a0 Here the future premiums will be waived off but the policy benefits continues.<\/li>\r\n<li><strong>Critical Illness<\/strong>: Critical illness insurance provides additional coverage for medical emergencies like heart attacks, strokes or cancer. These emergencies are such type of illness wherein the cost incurred for the treatment is more than the average medical cost, these policies pay out cash to help cover these additional costs.<\/li>\r\n<li><strong>Accidental Death Rider<\/strong>: Accidental Death rider is an optional feature one can add to a term life or whole life insurance policy. This rider gives death benefit to the nominee if one dies due to accident. That means if a person passes away unexpectedly from a covered accident the nominee gets the insurance amount and at the same time gets financial security.<\/li>\r\n<li><strong>Permanent Partial Disability<\/strong>: In the unfortunate event which the policyholder meets with an accident he or she might become permanently or partially disabled. In such situation this rider comes with the waiver of premium element. This means if the person becomes disabled due to accident the premiums of term insurance are waived off but the policy continues to remain active till maturity.<\/li>\r\n<li><strong>Income Benefit Rider: <\/strong>Income benefit rider is an addition to a life insurance policy that provides the beneficiary an amount of money equal to the policyholder\u2019s monthly income in the event of death of the policyholder. The rider is a type of death benefit and it specifies the term for the additional coverage and eventually expires if it is not activated by the death of the policyholder.<\/li>\r\n<\/ol><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = 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