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Know more about National Insurance FAQs
A proactive and innovative approach to insurance; focused upon our local industry and our social responsibility to our community.
Every day in our lives, we are exposed to hazards and risks. Examples of risks are – getting into an accident while driving, being knocked down by a car while walking on the road, an accident at work, sustaining injury while engaged in sports or slipping on a wet floor at home.
We do our very best to ensure that whatever we do or wherever we go, we are not exposed to danger, but accidents still and will happen, and when it happens, it is usually at the least expected of times.
Although it is impossible to bring back the life of a loved one, you can lessen the financial burden suffered as a consequence of an unfortunate incident by transferring your risks to the professional risk takers – insurers.
Thus, the insurance industry can be regarded as providing a service to society in terms of financial protection in the event of a loss.
Insurance companies, with years of practical experience and statistics behind them, are able to calculate with relative accuracy the probability of certain types of events occurring, and also the financial consequences of such happenings. Effectively, what insurers do is collect an amount of money (called premium) from people (the insured) who wish to share risks among each other.
The premiums paid are pooled, and if any insured is unlucky enough to suffer a loss covered in the insurance policy, then funds from the pool will be used to pay his claim. Insurance works on the principle of restoring the insured to the same financial position as he had enjoyed before the loss. This is known as the principle of indemnity. A simple example is, a house is insured against fire for B$250,000. In the event of the house being completely destroyed in a fire, the insurance company will pay to the insured the amount of B$250,000 as claims settlements (subject to the terms and conditions of the policy).
If you know that by paying a small amount as premium each year, you will be indemnified if an unexpected event occurs, you will be relieved of the worry of what could happen to you or to your family or business in a disaster. This way, you will not have to keep your capital or funds locked away in a catastrophe reserve fund, and you will have more funds available to spend.
Brunei Citizen, Brunei Permanent Resident, work permit holders and dependents in Brunei.
PRIVATE MOTOR VEHICLE PROTECTOR
Third Party Policy indemnifies the Insured against legal liability in respect of death and /or bodily injury or property damage to third parties. The policy does not cover damage to insured's own vehicle. However, Comprehensive Motor Policy besides covering against legal liability to third parties also provide protection against loss or damage to insured's vehicle.