January 13, 2013 10:21 pm
If we take two different personal/family accident insurance policies from twodifferent/same insureres, is the sum insured is sum of the two policies or maxiumum of the two?
multiple personal accident policies can be taken. The sum insured will add but the total sum cannot exceed Human life value set for accident insurance. LIfe insurers take 100 times monthly income. For accident this should be much lower like 50-60 times or so only.
One should remember to disclose previous policies each time you take a new one.
Very unlikely that a single insurer will offer multiple polices. Before one takes multiple policies they must realize getting death claims is one thing but getting claims for other situations even with one insurer is non-trivial and can take quite a bit of paperwork. Now imagine doing this for multiple insurers! That too the insurer will not be in a position to do so! Too much hardship if you ask me.
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