Common use of Method of Assessment and Payment of Claim Clause in Contracts

Method of Assessment and Payment of Claim. For a Policy with Policy Period greater than one year, the Sum Insured considered for assessment of claim shall be the Sum Insured mentioned against the Policy Year of the occurrence of the Accident. In the event that a claim becomes payable under the terms of the Policy, We shall make such payment in a lump sum amount to the Insured Person/ Policyholder.

Method of Assessment and Payment of Claim. For a Policy with Policy Period greater than one year, the Sum Insured considered for assessment of claim shall be the Sum Insured mentioned against the Policy Year of the occurrence of the Accident. Page14 In the event that a claim becomes payable under the terms of the Policy, We shall make such payment in a lump sum amount to the Insured Person/ Policyholder.