- Before choosing an insurance company or one of its branches , make sure it is licensed by the Financial Regulatory Authority to engage in the activity .You can easily verify if it is authorized to operate in Egypt by checking listed companies at FRA’s website (www.fra.gov.eg)
- Before dealing with an insurance broker, ensure they’re properly licensed. Ask to see their “license ,” which is issued by FRA authorizing him to operate as a broker in Egypt.
- Before taking any decision , take some time to explore insurance products and services available at the Egyptian insurance market, browse company’s website and verify all the company’s basic information and data.
- Provide accurate and truthful information about yourself and the things you’re insuring is crucial , thus avoiding the invalidity of the policy and the loss of your right in the future.
- Never sign a blank or incomplete form required for insurance policy to guarantee your rights in the future.
- Read the insurance policy thoroughly and accurately and understand the insurance coverage and policy’s conditions and terms. Also, ensure that the terms regarding loss of rights, cancellation, liquidation, and exceptions are thoroughly reviewed before signing insurance contracts.
- It’s crucial to take some time to thoroughly review you’re your insurance policy after issuance and ensure all the information is accurate, this includes personal data , start and end dates of your insurance coverage, policy’s conditions and description of insured items.
- Knowing what to do after an insured event is crucial to getting the compensation you deserve.
- In addition , avoid issuing a general power of attorney for insurance matters to someone you don’t know well.
- As required by the Law and the Authority’s regulations, all necessary documents, along with any signed documents from the client, must be kept on file for each client.
- Utilize a secure storage solution to ensure the safety of your customers’ files
- Design a clear brochure that simplifies the most important terms included in the insurance policy and approved by the Authority
- Schedule a call with your client, answer his inquiries and explain policy’s terms and conditions , exceptions and clarify liquidation requirements
- Company’s representative shall not sign on the behalf of the client. Client is responsible for providing the accurate data about himself, desired coverage amount, and the payment details.
- Schedule a brief phone call to review the details provided by your client before issuing the insurance policy
- Verify that the correct amount is being withdrawn from the policyholder’s account and ascertain the amount of the premium in case of direct premiums debit
- Due to recent currency swings, please inform your client that he is free to freeze the current exchange rate before floating on the date of issuance or to pay the entire premium in EGP and adjust the premium to match the exchange rate after floating.
- Make sure that you send an annual report to your client summarizing installment history and investment account performance to reach the desired financial goals.
- Schedule call with your client to ensure that he fully understands terms of the insurance Also, clarify the “ liquidation item” and discuss the cancellation fee if he decides to terminate the policy before its expiry .
- A medical examination is a required step for issuing a life insurance policy.
- update your client’s profile periodically on the platform.
- Explain why an insurance application might not be approved.
- Conduct thorough inspections of the insured property. This inspection is carried out by Damage Assessment Expert registered at FRA’s registry before issuing the insurance policy. Recommendations and observations included in the inspection report shall be taken into account.
- Ensure that new clients receive the basic data form which includes a clear and concise information outlining insurance products and services provided by the company.
- Company shall notify the client of any amendments to the insurance policies with a confirmation that he receives and understands the updates for future reference.
- clarifies the procedures the client must follow in the unfortunate event of an insured incident.
- To secure your insurance rights in the future, it is important to provide clear and concise information about your health when signing life insurance statements, as well as when receiving verification calls from the company.
- Ensure that you comprehend the insurance policy’s terms and conditions thoroughly, particularly the terms of cancellation and liquidation, and respond promptly to company inquiries about any unclear or known items.
- When a bank member offers you an insurance product, be mindful that you will be given an insurance policy that has all the terms and exceptions of an insurance policy, which may be associated with an investment decision, and that it is not a bank product.
- In order to fully understand your insurance policy , it’s crucial to get all the details on participating and investment-linked policies.
- Make sure to obtain copies of the insurance policy after their signing, certification, and approval by the company and keep them in a safe place.
- To ensure your right to compensation in the event of an accident, make sure to notify the insurance company before making any substantive changes to the insurance policy.
- In order to retain your rights , you must notify the insurance company and obtain their consent before transferring ownership of your insured property .
- In the event of an incident, take these two crucial steps: file a police report and notify your insurance company within 72 hours.
- Allow the insurance company to inspect the damaged property before you begin any repairs.
- After you report the incident, request the insurance company to send an inspector to assess the damage.
- There’s a financial decision to make about the debris. Keeping it reduces your compensation, while submitting it to the insurance company could affect your compensation positively.
- If your car insurance policy is for personal use only, be cautious about using it for commercial activities , this could void your coverage in case of an accident.
- To ensure your claim is approved, be truthful about the actual repair costs or replacement value of the damaged item.
- Maintain all documents that show how the damaged or lost insured item was resolved, whether through repair or replacement.
- To ensure a smooth claims process, keep detailed records (electronic or paper) of the amount and value of your insured inventory, as outlined in your fire insurance policy to fairly calculate your compensation.
- Familiarize yourself with the process for filing a complaint to the Financial Regulatory Authority if you’re ever dissatisfied with the service you receive from your insurance company.
- Keep the damaged property and ask the insurance company to perform the inspection
- Ensure that inspection has been performed for the property you’re insuring (factory, car, goods, etc.). Then, carefully examine the inspection report prepared by the insurance company’s inspectors.
- When choosing insurance, carefully assess the risks you want to be covered for today, but also consider potential future risks, particularly those related to climate changes.
- Before finalizing your policy, verify that the insurance company offers the specific coverage you need for the risks you want to be insured against.
- Ensure your insurance policy reflects the true market value of your insured items to be able to get the right coverage amount upon compensation. This prevents the insurance company from applying the “average clause” which could reduce your compensation in the event of a claim.
- Take the time to thoroughly read and understand every aspect of your insurance policy. This includes the covered and excluded losses, termination clause and anything else that seems unclear. Don’t hesitate to ask the company to clarify anything you don’t fully grasp
- Check Coverage Limits and Deductibles. Make sure you know the most your insurance company will pay for each covered item and the deductible amount you’ll pay before signing the contract.
- Make sure your insurance policy include an arbitration clause to settle any future disagreements you might have with the insurance company.
- To ensure your right to compensation in the event of an accident, make sure to notify the insurance company before making any substantive changes to the insurance policy.
- In order to retain your rights , you must notify the insurance company and obtain their consent before transferring ownership of your insured property .
- In the event of an incident, take these two crucial steps: file a police report and notify your insurance company within 72 hours.
- Allow the insurance company to inspect the damaged property before you begin any repairs.
- After you report the incident, request the insurance company to send an inspector to assess the damage.
- There’s a financial decision to make about the debris. Keeping it reduces your compensation, while submitting it to the insurance company could affect your compensation positively.
- If your car insurance policy is for personal use only, be cautious about using it for commercial activities , this could void your coverage in case of an accident.
- To ensure your claim is approved, be truthful about the actual repair costs or replacement value of the damaged item.
- Maintain all documents that show how the damaged or lost insured item was resolved, whether through repair or replacement.
- To ensure a smooth claims process, keep detailed records (electronic or paper) of the amount and value of your insured inventory, as outlined in your fire insurance policy to fairly calculate your compensation.
- Familiarize yourself with the process for filing a complaint to the Financial Regulatory Authority if you’re ever dissatisfied with the service you receive from your insurance company.
- Keep the damaged property and ask the insurance company to perform the inspection
- Ensure that inspection has been performed for the property you’re insuring (factory, car, goods, etc.). Then, carefully examine the inspection report prepared by the insurance company’s inspectors.
- When choosing insurance, carefully assess the risks you want to be covered for today, but also consider potential future risks, particularly those related to climate changes.
- Before finalizing your policy, verify that the insurance company offers the specific coverage you need for the risks you want to be insured against.
- Ensure your insurance policy reflects the true market value of your insured items to be able to get the right coverage amount upon compensation. This prevents the insurance company from applying the “average clause” which could reduce your compensation in the event of a claim.
- Take the time to thoroughly read and understand every aspect of your insurance policy. This includes the covered and excluded losses, termination clause and anything else that seems unclear. Don’t hesitate to ask the company to clarify anything you don’t fully grasp
- Check Coverage Limits and Deductibles. Make sure you know the most your insurance company will pay for each covered item and the deductible amount you’ll pay before signing the contract.
- Make sure your insurance policy include an arbitration clause to settle any future disagreements you might have with the insurance company.
- تحقق من معاينة الشيء موضوع التأمين (مصنع-سيارة-بضاعة — إلخ) واطلع على تقرير المعاينة المعد من جانب معايني الشركة أو أحد خبراء المعاينة.
- حدد المخاطر التي ترغب في التأمين ضدها بدقة وضع في اعتبارك المخاطر المستقبلية خاصة مخاطر التغيرات المناخية.
- تأكد من التغطيات التأمينية المتاحة بشركات التأمين وأنها تناسب حجم المخاطر التي تريد تغطيتها.
- تأكد من أنك تؤمن بكامل القيمة أي أن مبلغ التأمين يعادل القيمة السوقية للشيء المؤمن عليه حتى لا تتأثر التعويضات المنصرفة لك حال وقوع حادث (تجنب تطبيق شرط النسبية).
- تأكد من اطلاعك على شروط وأحكام وثيقة التأمين بدقة وعناية بما في ذلك الخسائر المغطاة والمستثناة في الوثيقة وشروط الفسخ مع الاستفسار من الشركة على أي بند قد يكون غير واضح أو معلوم لك.
- أحرص على معرفة نسب التحمل بوثيقة التأمين لكل بند من بنود التغطية التأمينية إن وجد.
- تأكد من أن تتضمن الوثيقة شرط جواز اللجوء للتحكيم لفض أي نزاع قد ينشأ بين الأطراف.
