{"id":285,"date":"2020-04-08T08:01:37","date_gmt":"2020-04-08T08:01:37","guid":{"rendered":"https:\/\/sudhirkumarjain.com\/shop\/?p=285"},"modified":"2020-04-09T08:05:15","modified_gmt":"2020-04-09T08:05:15","slug":"insurance-issue-of-the-week-9-money-insurance","status":"publish","type":"post","link":"https:\/\/sudhirkumarjain.com\/shop\/insurance-issue-of-the-week\/insurance-issue-of-the-week-9-money-insurance\/","title":{"rendered":"Insurance Issue of the week-9 (Money Insurance)"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<strong><u>What is the meaning of Money, under Money\u00a0 Insurance?<\/u><\/strong><\/p>\n<p>The business houses are insuring their money ,for the risk during transit between bank and insured\u2019s premises and kept in safe or Till\/Counter. Generally, every Insured has an impression that Money insurance covers the risk of \u00a0cash only \u00a0but every policy defines money as \u00a0<strong><em>\u201c<\/em><\/strong><strong><em>Money means cash, bank drafts, currency notes, treasury notes, cheques, postal orders, money orders and current postage stamps, revenue stamps, court fee stamps and the like belonging to the Insured.<\/em><\/strong><strong><em>\u201d<\/em><\/strong><\/p>\n<p><strong><em>However, \u00a0 in the \u00a0monthly declarations(if at all he declares) only Cash transactions are declared by the insured.<\/em><\/strong><\/p>\n<p>However, as and when any claim arises, the Insurer deputes the Surveyor of accounting background, to verify the transaction of \u201cMoney\u201d. As per definition , he considers cheques\/ bank drafts as well , as part of transactions and proves that the total transacted amount, exceeds the sum insured &amp; the premium is recoverable from the Insured.\u00a0 Sometimes the premium recovery is more than the claim amount.<\/p>\n<p>Hence, it is suggested that while taking out the money insurance policy,\u00a0the money should be defined as \u00a0cash only .<\/p>\n<p>Further,\u00a0this being an adjustable policy, the premium of \u00a0un-utilized sum insured , can be refunded\/demanded from the insured , at the expiry of the policy, based on the total transacted amount.<\/p>\n<p>The claim is also not rejected on account of short premium but the same can be adjusted against the claim amount, provided the full year premium is paid in advance.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]What is the meaning of Money, under Money\u00a0 Insurance? The business houses are insuring their money ,for the risk during<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-285","post","type-post","status-publish","format-standard","hentry","category-insurance-issue-of-the-week"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/comments?post=285"}],"version-history":[{"count":1,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/285\/revisions"}],"predecessor-version":[{"id":286,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/285\/revisions\/286"}],"wp:attachment":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/media?parent=285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/categories?post=285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/tags?post=285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}