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In insurance What is Under insurance and Over insurance .How can you deal with each of them in case of claim settlement?

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Question added by Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company
Date Posted: 2014/05/28
JAYARAMAN NAGESWAR RAO
by JAYARAMAN NAGESWAR RAO , Faculty of General Insurance Learning , Manipal Global Academy for Insurance

Under Insurance is taking insurance lesser than actual value of the property in question.If so claim settlement will be settled on average basis less policy excess.

Over Insurance is vice versa i.e taking insurance S.I more than the actual value of the property. In this case the claim will be settled as per the S.I taken less policy excess. 

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