BusinessPhoto: Hindu BusinessUnderstanding Insurance Excess and Its Impact on Claims
Insurance excess or deductible is the portion of a claim that the insured must pay themselves. It discourages small claims and reduces administrative costs. For example, with a ₹1,000 excess on a ₹2,500 loss, the insured might decide not to claim the ₹1,500 difference. No Claim Bonus (NCB) rewards claim-free years with premium discounts or increased coverage.
Hindu Business·



