Bajaj General Insurance Policy Flashcards

A set of vocabulary flashcards covering key insurance terms, add-on covers, and legal definitions found in the Bajaj General Insurance Private Car Package Policy transcript.

Void ab initio

A legal term meaning the policy becomes null and void from the beginning if material facts/information and declarations are not provided, disclosed, or are withheld.

IDV (Insured's Declared Value)

The Sum Insured of the vehicle under the Motor Insurance Policy, which for the total vehicle in this transcript is $3,03,875.00$.

NCB (No Claim Bonus)

An incentive for the insured for not making a claim during the previous policy period; in this specific policy, it is $0\%$.

Section 41 of the Insurance Act, 1938

The section titled 'Prohibition of Rebates' which states no person shall offer or allow any rebate of commission or premium as an inducement to any person to take out insurance, punishable by a fine up to $10,00,000$ rupees.

24x7 Spot Assistance

An add-on cover providing benefits like flat battery assistance, spare keys delivery, and flat tyre refill/replacement, provided the event occurred within $100\,\text{kilometers}$ from the city of residence.

Engine Protector

An add-on that covers consequential damage to internal child parts of the engine (like pistons and cylinder heads) arising from water ingression or leakage of lubricating oil.

Constructive Total Loss (CTL)

A loss under the Motor Insurance Policy where the aggregate cost of retrieval and/or repair of the Insured Vehicle exceeds $75\%$ of the IDV.

Rodent Damage Cover

An add-on cover for loss or damage to electric wiring, rubber, plastic, or leather parts of the vehicle specifically caused by rodent bite.

Electric Vehicle Drive System

A system consisting of the Drive Motor, DC/DC step down converter, Electric Generator, and Power Electronics Controllers.

HOTB (Health of Traction Battery)

The measurement of the condition of a battery compared with manufacturer's specifications, expressed as a percentage from $0\%$ to $100\%$.

Traction Battery

A rechargeable battery used to power the electric motor of a Battery Electric Vehicle (BEV) or Hybrid Electric Vehicle (HEV), excluding the starting, lighting, and ignition battery.

Consumable Expenses

An add-on covering the cost of items replaced during repair such as engine oil, coolant, AC gas, brake oil, nuts, bolts, and filters, but excluding fuel.

Defence Cost Cover

Indemnification for the fees of an Advocate for defending or providing legal assistance for police and court proceedings resulting from a claim by a Third Party.

Eco Repairs

A feature where partial loss repairs are carried out using Refurbished Parts at a Preferred Workshop, with applicable depreciation waived.

Refurbished Part

A 'Like Kind Part' (such as bumpers or fenders) or a new aftermarket part that is not manufactured by the OEM/OES.