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Insurance - Things to look out for when you are buying an insurance policy

Beware of buying insurance offered alongside something else

Have you shopped around?

Have you compared like with like?

Does the policy cover everything you need it to?

Have you answered all your insurer’s questions truthfully and accurately?

Do you need expert advice?

Do you need expert advice?

If you have an unusual car or a house that is of a non-standard construction, using an insurance broker may get you a better deal.

Some types of insurance – such as critical illness and income protection – vary widely and have complex terms and conditions. If you’re buying this type of insurance, it’s worth getting an adviser to help you find the best policy to suit your needs.

Have you answered all your insurer’s questions truthfully and accurately?

Whether you’re applying online, by phone or by application form, make sure you take reasonable care to answer all the insurer’s questions honestly and to the best of your knowledge. If you don’t, your policy may be cancelled, or any future claim could be rejected or not fully paid out.

Does the policy cover everything you need it to?

Read the policy document. At least check the features that are important to you in the policy summary. Otherwise, you are potentially wasting your money and might not be covered when you really need it.

If you have already bought a policy, you have 14 days (30 days for life, income protection, payment protection and critical illness policies) to change your mind if you decide the policy isn’t suitable for you. However, for home and car insurance you might have to pay an administration charge and the cost of any days already covered.

Have you compared like with like?

Watch out for how different charges, types and levels of cover, and your excesses are calculated when you compare policies.

For example, some insurers set their voluntary excess (the amount of any claim not covered by the insurer) at a high level to make sure they come out cheapest on comparison sites.

When comparing policies and prices, make sure that the features you are comparing – such as excess amounts – are similar.

If you are buying from a comparison site, remember to check the level of cover you’re being offered – insurers often cut down on cover to make sure that they’re the cheapest.

Have you shopped around?

Don’t compare on price alone as the cheapest policy isn’t usually the best cover for your needs, and it is important to compare both the price and the level of cover. Try to get at least three quotes.

There are many different ways to buy insurance, here are the main ones:

• an insurance broker or independent financial adviser
• Comparison sites and online insurers
• Banks and building societies
• Supermarkets and department stores

Don’t assume that insurance bought over the internet or from a comparison site is automatically cheapest, or offers the best cover. If you’re looking for car or home insurance, then comparison sites are a good place to start. But remember that no comparison site covers all the insurance companies.

Get quotes from more than one comparison website and look at them alongside quotes from insurers who don’t appear on comparison sites.

Beware of buying insurance offered alongside something else

For example you may be offered:

• Buildings and contents insurance, life assurance and critical illness cover when you take out your mortgage
• Warranty insurance when you buy a new washing machine or computer
• Travel insurance when you book a holiday, or
• Payment protection insurance with goods bought from catalogues

If you need this insurance, you may get it cheaper with better cover elsewhere.

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What to do after GRADUATION

In India, scope of various type of bachelor degree is so much wider. After graduation, a student need to choose the right way for their further studies. Some of student even don't know what is right for them and how to proceed. For them and for all of the viewers of Knowledge Mania, I present a short overview of Entrance / Aptitude tests available in India after graduation. There are so many Entrance Tests / Aptitude Tests for admission in Management Programs in India after Graduation.

CAT (Common Admission Test) - For entry to the management programs at IIMs (Indian Institutes of Management) (*The most reputed Institutes of India in terms of management studies) and various other business schools in India.

GATE (Graduate Aptitude Test in Engineering), JAM (Joint Admission Test to M.Sc.) and JMET (Joint Management Entrance Test) – Standard means of entry to various graduate courses at IISc (Indian Institute of Science) and the IITs (Indian Institutes of Technology).

MAT (Management Aptitude Test) - For admission to Master of Business Administration, Master of Management Studies, etc. programs.

XAT (XLRI Admission Test) - For admission to the management program at Xavier Labour Relations Institute.

GPAT (Graduate Pharmacy Aptitude Test)- For entry to the master programs in the pharmacy
NIPER (National Institute of Pharmaceutical Education and Research) For entry to seven institutes of Indian government

JEST EXAM which have two phases of examination first phase is objective and second phase is subjective, by getting rank in this test we can admitted into IISC Bangalore

Many other exams like after BTech with GATE preparation are ISI, TIFR, UGC-NET, PGSET, NITLE, IISC