FAQs

 

When did insurance start?

The first large insurance company and the most famous in the world today is Lloyd’s of London. This company was founded in 1689 by a group of men who met in Lloyd’s coffee house in London, and originally sold only ship insurance.

What is Insurance?

Insurance is a mechanism or method in which one party (insured/customer/client) transfers potential risk to another party (insurance company) in exchange for monetary compensation
Or
Is the equitable transfer of the risk of a potential loss from the person insuring to the insurance company for a premium and duty of care.

Why do I need insurance?

Insurance products provide a peace of mind, investment of funds, mitigates risk and investment of funds.

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Who owns Pax?

PAX is fully owned by the Catholic Church in Uganda and started operating in 2008

How do you acquire an insurance policy?
  • Identify the event that you wish to protect yourself against e.g, damage to your car due to an accident, injury or death due to an accident, illness, death, theft, natural calamities, etc
  • Visit our Head Office or any of our Agencies countrywide and ensure that you give ALL information pertaining to your risk and also get ALL information pertaining to the policy from our Underwriters or Agents.
  • Fill out a proposal form, pay the agreed upon premium and you are then insured.

 

Why should you fill a proposal form?

Insurance is a contract between the insured and the insurer and proposal form forms a basis of this contract. It contains all the required information for the preparation of the policy. The policy becomes evidence of contract between insured and insurer.

What is the difference between an agent and a broker?
  • An agent is an individual employed by insurance company to transact business on behalf of that insurance company. He/she must be licensed by the Insurance Regulatory Authority of Uganda.
  • A broker is a registered company, also licensed by the Insurance Regulatory Authority of Uganda that transacts business on behalf of several insurance companies. Brokers specialize in the placing of insurance.

 

 

 

How do I make a claim on my insurance policy?
  • Once the event upon which you took out insurance occurs, notify your insurer immediately.
  • Notify and get a police report where required
  • Avoid tampering with any evidence of accidental occurrence.
  • Your insurer should then be able to guide on what procedures to follow to have your claim paid.
  • Ensure have fully paid your premiums to avoid any inconveniences at the time of a claim.
What is premium?

The money charged by insurance companies for insurance services.

Why should anyone need insurance?

Insurance provides a peace of mind, mitigates risk and are a long term financial plan.

What is Motor Insurance?

This type of insurance is purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.

Types of Motor Insurance?

Motor Third party - Gives you the minimum cover you need by law -third party liability risks. It means that if you cause an accident, the cost of damage to other vehicles is covered.

Motor Comprehensive - The widest form of cover available, although it cannot protect against every conceivable risk. The main benefit is that it will pay for repairs or there placement of your car if it’s damaged or stolen. Fully comprehensive policies also include personal accident insurance, providing payments for death and specified serious injuries such as the loss of a limb or sight

Who is an Underwriter?

An underwriter is a person that works inside the insurance company who looks at you, and looks at the risk, and decides whether or not you're insurable.

What does it cost?

The premiums for different insurance polices vary depending on the type, risk and the insurance company. It is calculated basing on the risk exposure and premium rates.

Choosing a good insurance company?

There are factors you should consider, these are:

    • The Financial strength (security)
    • Services
    • Reinsurance
    • Cost / price
    • Professional and honest
Why you should consider the Financial Strength

When talking about financial firms, is not complete if you do not talk about finances. The
financial strength of insurance related to the company’s financial ability to fulfill its promise if
the situation requires

- Assets and liabilities.
- Underwriting Policy.
- Its underwriters

 

Required Information From a Client for Insurance Purpose

1. Burglary                  

-Provide a list of contents and their value in the premises
-Provide estimated First Loss Sum Insured (FLSI)

2. Money                     

-provide limit for any one transit (highest) to the bank
-Provide limit any one transit (highest) from the bank
-Provide limit cash in premises (highest) during day
-Provide limit cash in premises (highest) after working the day
-Provide limit of cash in hands of Authorized persons for purchases
-Provide estimated annual transits in a year

3. All risks                  

-Provide list and total value of contents in the premises
-Specify serial numbers of each if possible

4. Computer and Electronic Equipment (covers computers)

-Provide total value of contents in the premises
-Provide list of the above contents in the premises
-Provide serial numbers             

5. Fidelity Guarantee

-Provide a list and names of staff to be covered
-Limit of guarantee per staff

6.Fire special perils       

-Provide list of buildings and contents in the premises
(this excludes what is listed Computer & Electronic Equipment and
All Risks above)
-Provide total value of buildings and contents in the premises.

7. House/Holders (for contents in residential Houses)

-Provide a total list of contents in the premises
-Provide Total value of contents in the premises
-Provide limit of personal liability

8. House Owners (for residential buildings)

-Provide total value of residential building
-Provide value of 3-months rent, if rented contents

9. Public Liability:       

-Provide basic limit of liability for the company any one-year
-Provide basic limit of liability for the company any one accident.
-Provide extensions required e.g, car park, loading, food poisoning

10. Motor comprehensive private/commercial:

-Provide market value of the vehicle
-Provide log book

11. Motor third party

-Provide a copy of log book either original or photocopy

12. Mortgage Protection:

-Provide evaluation report of the building and certificate of ownership
and for motor vehicle a copy of log book and value is required.

13. Travel Insurance:

- Provide destination details
names of traveler, Age, Nationality, pass port number, number of  days to be spent
while on the trip, travel company.

14. Loans protection:

- provide a list of borrowers, amount and payment duration.

15. School insurance Package:

- Provide number of students

What Does Insurance Claim Mean?

A formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved.

Why should anyone feel a claim form?

The more required information you provide the quicker your claim can be processed.

The following information is required when you are claiming.

a. Personal accident-body injury or death

  1. Police report
  2. Medical report
  3. Original medical receipts
  4. Post mortem and death certificate
  5. Statement of employer on accident/death
  6. Pay slip of a claimant.
  7. Copy of premium receipt

b. Workers compensation

  1. The following is require while claiming
  2. Police report/appropriate authority
  3. Medical report
  4. LD forms from labour office
  5. Original medical receipts (medical claims)
  6. Post mortem and death certificates
  7. Statement of employer on accident
  8. Pay slip of insured person or claimant
  9. Copy of premium receipt

c. Fire

  1. Police/appropriate authority report
  2. Estimate of repair or invoice for replacement of lost/damaged items
  3. Copy of premium receipt.

d. Burglary

  1. Police/appropriate authority report
  2. Estimate of repair or invoice for replacement of lost/damaged items
  3. Copy of premium receipt.

e. All risks

  1. Police/appropriate authority report
  2. Estimate of repair or invoice for replacement of lost/damaged items
  3. Copy of premium receipt

f. Money/ miscellaneous accidents

    1. Police/appropriate authority report
    2. Estimate of repair or invoice for replacement of lost/damaged items
    3. Copy of premium receipt.
What to do in the event of a loss or accident?

a. Behave as if you are not insured. Immediately notify the Police and/or appropriate authority (such as Local Council) in the area where the loss or accident occurred
b. Know the names and addresses of all witnesses.
c. If you have a camera, take photographs of the scene of the accident before anything is moved.
d. Do all that is reasonable to mitigate loss.
e. Immediately notify to your Insurance Broker and/or PAX Claims Department giving as much details about   the accident as possible.
g. Make sure you have a copy of your policy document and premium payment receipt.
h. All communication (letters, e-mails, claims, notice of intent to take legal action, writes, summons) with respect to loss or damage have to be notified and forwarded to our/ PAX Claims Department immediately.

When reporting a claim make sure:

• You have policy number
• You are given a claim form
• You are give a list of requirements for claim processing

What does "risk" mean in the context of insurance?

Risk in the context of insurance is the potential of something bad happening, typically. If you own a car, the risk is that you might have a car accident, or someone might steal it, or somebody might vandalize it. If it's your life, there's a risk that you might pass away

What is a "policy"?

A policy is the written contract between you and the insurance company.

What is a "deductible"?

A deductible is an amount of money you're going pay before the insurance kicks in

What is "coverage"?

Coverage is what the insurance company says they are going to do if you ever
have a claim.

What does "indemnify" mean?

Indemnify means to insure. It's another name or another word for insurance. If an insurance company says, "It will indemnify you," they are saying, "I'm insuring you." They are protecting you. "You pay us premium; we will protect you and will pay the claim.

 

 

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