FAQs

General Questions

What are the liabilities of the insured entity/person? What are the exception risks? What is the deadline for insured to inform the company that damage is done? How is the damage approved by the insurer and expected to be paid? How does the insurance company pay the compensation? How do the insurance companies utilize premiums, during the time span of receiving the insurance premium and compensating the incurred damages? How can the unpleasant financial incidents for national assets and wealth be compensated?

What are the liabilities of the insured entity/person?

1. Providing accurate information in the insurance proposal so that the insurer can determine the correct insurance premium.

2. On time premium payment.

3. Protecting and taking care of the insured item in a normal way without considering the insurance policy.

4. Announcement of the intensified risk (if the insured item is put at higher risk due to the action of the person who have obtained the policy or the third party action, the insurer should be informed and an amendment should be approved.

5. On time announcement of the occurrence of an incident which causes to damage the insured item.

What are the exception risks?

The standard exceptions (the risks by which the caused damage is out of the liability of the insurer) include:

1. Risk of War

2. Risk of nuclear and radioactive materials

3. Risk of collision with sound waves

How does the insurance company pay the compensation?

The insurance company will pay for the compensation in cash, unless the repair charges or replacement of the insured item has been mentioned in the insurance policy and in this case the insurer should repair or replace the insured item in due time.

What is the deadline for insured to inform the company that damage is done?

Should the insured become aware of the incurred damages to the subject of the insurance, the insured is obliged to inform the insurer in maximum 5 days as of the date that the insured was informed on the damage, and before the evidences of the incident which has caused the damage will go away, so that the insurer can dispatch its expert to evaluate the damage and announce the amount of his liability.

How is the damage approved by the insurer and expected to be paid?

The compensation is paid if the following is proven accurate:

1. The insured risk has happened to the insured item.

2. The insured item is damaged due to the risk.

3. The caused damage is a direct result of the insured risk.

4. The damaged property is the same property which is insured (the insured should provide a list of the damaged properties together with an approximation of the incurred damage at the time of announcing the damage.)

How does the insurance company pay the compensation?

How do the insurance companies utilize premiums, during the time span of receiving the insurance premium and compensating the incurred damages?

Insurance companies will plan some reserves with the collected premiums which is a large source of investment. The law states that these resources are to be invested in different economic sectors in a manner that in addition to provision of the guaranteed profit for the insured people, can be easily changed in to cash and also contributes to the economic culmination.

How can the unpleasant financial incidents for national assets and wealth be compensated?

One of the main economical outcomes of insurance is the maintenance of the financial power of the insured with regards to the properties and installations which belong to people or the government which are a part of the national wealth.

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