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Please help me in answering this extended warranty insurance question

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22 Nov, 2021 by  Zarrish Sheikh

How would an insurer respond to an extended warranty insurance policy in the event that a claim is made and repair or replacement of the insured product is *NOT* possible? 


A. Return part of the premium according to the unexpired policy period.

B. Return the full premium.

C. Compensate for the inability to repair or

replace the insured product but with no return premium.

D. Compensate for the inability to repair or replace the insured product with a partial return of premium.

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24 Nov, 2021
Rohit Dhingra

Dear Zarrish,


It will depend on what the policy wording states and the extent of coverage the policy offers. The compensation is towards cost of repair or cost towards replacement as the case may be. If the part required for repair or replacement is not available it is not responsibily of the insurer.


Regards

Rohit Dhingra

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24 Nov, 2021
zaara sheikh
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24 Nov, 2021
Rohit Dhingra
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